Together Financial Services has successfully completed the issuance of £500m in aggregate principal amount of 7½% senior secured notes due in 2031. The notes were issued via the group’s wholly owned subsidiary, Jerrold FinCo plc.
The gross proceeds, alongside cash on balance sheet, are expected to be used to redeem the existing £500m senior secured notes due in 2027 and to pay related fees and expenses.
Richard Rowntree, group chief executive officer of Together, said: “We are delighted to announce the successful completion of our £500m bond offering.
“The issuance received strong support from our investors, once again underlining the strength of our model, the quality of our loan book and ongoing confidence in our long-term growth strategy.”
Gary Beckett, group managing director and chief treasury officer of Together, added: “Since the start of the calendar year we have raised or refinanced £3bn across six transactions, as we continue to strengthen and diversify our funding programme.
“This successful issuance, which supports the refinancing of our 2027 bonds, was significantly over-subscribed, evidencing continued investor support for Together.”
