Together Financial in £500m bond issuance

Cheadle, Chesire-based Together Financial Services Limited, a specialist mortgage and secured loans providers, announced the issuance of £500 million in 5.25% Senior Secured Notes due 2027 through its wholly owned subsidiary Jerrold FinCo plc.

“Following significant demand, the aggregate principal amount of the offering was increased to £500 million from the previously announced amount of £450 million,” said Together Financial.

“The gross proceeds of the offering of the Notes are expected to be used (i) to redeem, in full, the Issuer’s £350 million in aggregate principal amount of 6 1/8% Senior Secured Notes due 2024, (ii) to reduce drawn balances under the CABS Securitization, (iii) general corporate purposes and (iv) to pay associated fees and expenses.”

Together Financial CEO designate Gerald Grimes said: “We are delighted to announce the completion of our £500 million bond issuance, our second successful fund raising transaction during the pandemic.

“The issuance, which was upsized by £50 million on the back of strong investor support, provides additional headroom as we continue to shape our business for an exciting future.”

Gary Beckett, group MD and chief treasury officer at Together said: “This issuance follows the success of our fourth and largest public RMBS in July, as we continue to diversify and add depth of maturity to our funding platform to support our lending ambitions.

“As a mature issuer we were delighted to be the first company to issue a sterling bond in 2021 and since formal completion of the Brexit process. The transaction received strong demand from high quality investors and was multiple times over-subscribed.”

Application has been made for the listing particulars related to the Notes to be approved by the Irish Stock Exchange and for the Notes to be admitted to the Official List of the Irish Stock Exchange and admitted to trading on its Global Exchange Market.

Citigroup and Goldman Sachs International acted as Joint Bookrunners with respect to the issuance of the Notes.

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