April 30, 2014 / 6:21 AM / 3 years ago

UK insurer Saga says planning to raise $927 mln in London float

LONDON, April 30 (Reuters) - British financial services company Saga said on Wednesday that it was planning to float on the London Stock Exchange, aiming to raise net proceeds of 550 million pounds ($927 million) to pay down debt.

Saga, which provides insurance to the over-50s, said that the new capital would cut its debt to around 700 million pounds, with a free float of at least 25 percent including a retail offering to UK investors.

$1 = 0.5936 British Pounds Reporting By Freya Berry. Editing by Jane Merriman

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