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Status: Performing

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Coupon

7.875%

Current Yield

7.9%

*
Estimated Yield to Maturity

7.9%

**
Maturity Date

15 Nov 2021

Next Interest Payment

15 Nov 2018

Interest Payment Frequency

6 months

Asset Security

Unsecured, guarantees from parent

Industry

Banks & Financials

Amount

£175,000,000

ISIN

XS0985950152

Ratings

Moody's  B2


Business Description

Domestic & General is the leading specialist provider of warranties and warranty services for domestic appliances and consumer electronic products in its home UK market and a leading specialist provider in several of its international markets, with strong and growing international operations in Germany, Spain, Portugal, France, Italy and Australia. The original predecessor company, The Western Australian Insurance Company, was originally founded in 1912 in Perth, Australia to insure sheep and cattle during transportation. Over the years, the company has evolved from providing insurance for livestock transportation to offering numerous other products including, at different points, life, motor, caravan and pet insurance. One of the biggest breakthroughs in the company's history, and the one that has led it to its current position as one of the market leaders of specialist warranty services in the United Kingdom with a strong and growing presence in Western Europe and Australia, was the launch of breakdown cover for televisions in 1950. Early televisions, using fragile cathode ray tube and valve technology, were the cutting-edge consumer goods of their day and customers were keen on protecting them. Using their specialist knowledge and working with a range of commercial partners, the company quickly became known for the value and quality of its protection services. It was one of the first companies to offer protection for the cathode ray tubes in the black and white televisions that were increasingly appearing in UK households in the 1950s and from there it grew rapidly by responding to changing lifestyles and technological improvements. The company introduced cover for kitchen equipment in 1977 and for central heating in 1978. From the early 1980s, it steadily built its position as a leading provider of insurance on domestic and electrical appliances and heating systems, gradually withdrawing from other areas of general insurance. Domestic & General Group plc (now known as Domestic & General Group Limited) was listed on the London Stock Exchange in 1988. In 1989 it passed the one million customer mark and in 1992 it began its European expansion by opening our Spanish office, followed by the establishment of its German office in 1994. Their first contact centre opened in 1996 and quickly expanded to providing 24 hour service. Their white, brown and heating service networks debuted the same year and the new millennium brought the launch of specialist protection for satellite TV equipment. The company also expanded its contact centre capability to provide outbound and telesales, which remains a crucial element of sales operations today. In 2007 the Group was taken private by Advent International Corporation and in the same year it opened its office in Australia. In 2010 it opened an office and sold its first plans in Italy. On 19 December 2013, CVC Capital Partners completed its acquisition of the Group.

Capital at risk. No FSCS cover. See Risk Statement.

 

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WiseAlpha Technologies Limited (FRN: 751087) is authorised and regulated by the Financial Conduct Authority in the UK.
WiseAlpha Technologies Limited is a company registered in England, with its registered office at Level 39, One Canada Square, Canary Wharf, London E14 5AB (Company No. 08967521).
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