Cheadle’s Together raises funding capabilities with £375m bond

Cheshire-based lender Together has closed a £375m bond issuance to boost its funding capacity.

With a a five-year tenure and senior secured notes issued with a coupon of 6.25%, part of the proceeds generated will be ploughed into repaying the £300m 9.75% senior secured notes previously in issue.

The new bond will work alongside Together’s asset-backed securitisation programme, as well as other current funding facilities.

Together group chairman Mike McTighe said: “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.”

He continued: “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.”

Together’s current loan book stands in excess of £1.8bn.

In September the company announced record results, with annual new lending passing the £1bn markfor the first time in its 42-year history.

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