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Fitch rates Jerrold Finco notes BB-
Fitch Ratings said it assigned Jerrold Finco plc’s £450 million senior secured notes an expected BB- rating
FinCo is a subsidiary of Together Financial Services Ltd., which will guarantee the notes. The notes’ rating is aligned with Together’s BB- long-term issuer default rating, Fitch said.
Proceeds will be used to refinance FinCo’s £350 million of senior secured notes due 2024 and extend the maturity timeline to 2027. The remaining proceeds will be used to repurchase mortgage loans from the group’s private securitizations, reduce drawn balances by £90 million and pay transaction fees and redemption costs.
“Fitch does not expect any material increase in gross leverage, as measured by gross debt to tangible equity, as a result of this transaction,” the agency said in a press release.
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