Specialist lender, Cheadle-based Together, has announced it has completed a £500 million bond issuance in 5.25% Senior Secured Notes.
The Cheadle lender, via its subsidiary, Jerrold FinCo plc, has become the first UK company to issue a sterling bond since Brexit. Due to high demand from investors, Together issued a total of £500 million Notes, £50 million more than originally planned.
Proceeds raised will be used to redeem existing bonds due to mature in 2024, as well as support further growth in lending. Together’s loan book now exceeds £4 billion.
Gerald Grimes, Group CEO Designate of Together commented:
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 added:
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.”
Citigroup and Goldman Sachs International acted as Joint Bookrunners with respect to the issuance of the Notes.