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LONDON - Together Financial Services Limited, a prominent UK non-bank lender, has successfully issued £500 million of 7½% Senior Secured Notes due 2031. The offering, completed through its subsidiary Jerrold FinCo plc, was reportedly oversubscribed, indicating strong investor confidence.
The proceeds from the notes, augmented by cash on hand, are earmarked for redeeming existing senior secured notes due in 2027 and covering the associated fees and expenses of this transaction. This move is part of Together’s broader strategy to refinance its debt and diversify its funding sources.
Richard Rowntree, CEO of Together, expressed satisfaction with the bond offering, citing it as evidence of the market’s trust in the company’s business model and growth prospects. Gary Beckett, Group MD and Chief Treasury Officer, highlighted the firm’s active start to the year, having raised or refinanced £3 billion across six transactions.
The notes will be backed by a senior secured guarantee from Together and its subsidiaries, excluding certain exceptions. They will be secured by a variety of assets, including capital stock in the Issuer and Subsidiary Guarantors, and existing and future property and assets, with certain liabilities taking precedence in the event of distressed asset disposal.
The notes will rank equally with the issuer’s other non-subordinated indebtedness, including the £450 million senior secured notes due 2030 and the revolving credit facility. An application has been made for the notes to be listed on The International Stock Exchange, although there is no guarantee of listing or permission for dealing.
Citi and Goldman Sachs are serving as joint global coordinators and physical bookrunners, with HSBC, Lloyds (LON:LLOY), and NatWest as joint bookrunners.
This financial maneuver reflects Together’s ongoing efforts to strengthen its capital structure and secure long-term financing. The information is based on a press release statement.
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