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Together Financial talks upsized £125 million tap of 6 1/8% notes in 101.75 area; pricing Thursday
By Paul A. Harris
Portland, Ore., Jan. 25 – Together Financial Services Ltd. upsized a proposed add-on to its 6 1/8% senior secured notes due 2024 to £125 million from £100 million and talked the deal in the 101.75 area, according to a London-based sellside source.
The deal is set to price on Thursday.
Credit Suisse is the global coordinator. Barclays, Lloyds, Natixis, NatWest and Goldman Sachs are the bookrunners.
The notes become callable on Jan. 15, 2020 at 103.063.
The issuing entity will be Jerrold FinCo plc, a wholly owned subsidiary of Together Financial Services.
Proceeds will be used to reduce drawn balances under the CABS Securitization (a conduit securitization program for certain mortgage loans) through the repurchase of loan assets from Charles Street ABS, which is a special purpose vehicle that purchases certain mortgage loans pursuant to the CABS Securitization. Proceeds also will be used for general corporate purposes.
The company intends to use the additional available capacity under the CABS Securitization to support the origination of new loans in the ordinary course of business.
Together Financial Services is a retail and commercial mortgage loan provider in the United Kingdom.
The original £200 million issue priced at par in February 2017.
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