Stockport based Together, the specialist lender at Cheadle Royal Business Park, has closed a £375m bond issuance, increasing its funding capacity and reaffirming its strong financial position.
Founded in 1974, Together provides finance to niche markets through an extensive distribution network, offering short-term finance, auction finance, residential, commercial and buy-to-let mortgages, and secured loans.
The new bond has a five-year tenure, with the senior secured notes issued with a coupon of 6.25%. Part of the proceeds will be used to repay the £300m 9.75% senior secured notes previously in issue. The bond will sit alongside Together’s asset-backed securitisation programme and other current funding facilities to provide a diverse and stable funding platform for sustained growth.
Mike McTighe, group chairman at Together, comments: “We’re delighted to have successfully issued this bond on very favourable terms, further strengthening the financial position of the Group while increasing our funding facilities and enabling us to fulfil our ambitious growth plans. The terms secured highlight the continued confidence that exists in the market today and attest to the strength of our current financial position.
“The new bond will provide additional funding across our business, helping us to meet the continued demand for our products, while complementing the existing funding channels in place via our asset-backed securitisation and our syndicated loan facilities.”
Stockport based Together has a current loan book in excess of £1.8bn and recently announced record results, with annual new lending exceeding £1bn for the first time in its 42-year history.