KIRS Group, the new umbrella firm created from the merger of Towergate Insurance with four other U.K.-based insurance businesses, priced ­£400 million and $520 million in debut six-year senior secured notes.

The sterling notes carry a coupon of 8.375% while the dollar notes carry a coupon of 8.625%. Both notes will mature July 15, 2023, Cbonds reported June 7.

The group intends to use the net proceeds of the notes to repay amounts outstanding from £425 million in 8.75% senior secured notes and £75 million in floating-rate super senior secured notes issued by KIRS Finco Plc, formerly TIG Finco Plc. The group also intends to use the proceeds to finance the acquisitions of Chase Templeton and Ryan Direct Group, among others.

Bank of America Merrill Lynch acted as sole global coordinator and physical book runner. Barclays, Credit Suisse, Goldman Sachs and KKR Capital Markets also served as joint book runners.

KIRS Group was created after the U.S. owners of Towergate — HPS Investment Partners LLC and Madison Dearborn Partners LLC — combined Autonet, Chase Templeton, Ryan Direct, Price Forbes and Towergate earlier in May.