Hugh Osmond’s Pearl life assurance group is close to a restructuring that is expected to see it float on the London Stock Exchange later this year with a targeted market capitalisation of about £2bn. Mr Osmond is close to raising about £500m from new institutional investors to recapitalise the Pearl parent company, the FT said, citing people familiar with the situation. Pearl is also in advanced talks with its 17 lending banks, led by Lloyds Banking Group, on an exchange of debt for either new debt, equity or another type of instrument in an effort to reduce its £3bn debt burden.

This entry was posted by Stacy-Marie Ishmael on Wednesday, April 8th, 2009 at 5:00 and is filed under Capital markets. Tagged with hugh osmond, Lloyds Banking Group, Pearl. Edit this entry.