Cheadle lender completes £500 million bond issuance

Cheadle based property lender, Together, has announced the issuance of £500 million of 7½% Senior Secured Notes.

The Notes, due in 2031 have been issued through Together subsidiary, Jerrold FinCo plc. Proceeds are to be used to redeem senior secured notes issued in January 2021 and due 2027.

Richard Rowntree, Group Chief Executive Officer of Together commented:

“We are delighted to announce the successful completion of our £500 million 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.”

The bond issuance is the latest in a string of transactions by the Cheadle headquartered lender in 2025, which revealed in May its loan book had grown to £7.8 billion at the end of the previous quarter.

Gary Beckett, Group MD and Chief Treasury Officer of Together added:

“Since the start of the calendar year we have raised or refinanced £3 billion 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.”

Citi and Goldman Sachs acted as Joint Global Coordinators and physical bookrunners for Together with respect to the issuance of the Notes, while HSBC, Lloyds and NatWest are joint bookrunners.