Together raises and refinances over £2.8bn in 2018
Together

Together raises and refinances over £2.8bn in 2018




Together has announced that in 2018 it raised and refinanced over £2.8bn of debt facilities to support its business strategy and growth plans.

The specialist lender – which provides over 700 jobs in the North West – successfully completed a £287m residential mortgage backed securitisation in November.

The lender’s treasury team’s other activities included a £150m increase to its 2024 Senior Secured Notes, the refinancing of its £255m Lakeside securitisation programme, upsizing its revolving credit facility to £72m, completing the £525m Highfield securitisation programme and refinancing and extending its Charles Street securitisation facility to £1.25bn.

In addition, Together’s indirect parent company Bracken Midco1 PLC successfully issued £350m of senior PIK toggle notes, refinancing its existing senior PIK toggle notes and vendor loan notes on improved terms.

Together announced in its quarterly results to 30th September 2018 that its loan book had reached a new high of £3.01bn.

The raising and refinancing of £2.8bn of debt facilities will provide the lender with further depth, diversity and maturity for its funding structure and provide the flexibility to support Together’s range of products.

Together has also strengthened its treasury team over the past 12 months with the appointments of Qasim Jafri, Jenna Picken and Sadie Hatfield.

Matt Blake, director of treasury at Together, said that 2018 had been a great year for the team.

“We have also added some really great talent and experience to the team, helping us to deliver a record number of transactions over the year.

“The success of our fundraising efforts in a backdrop of economic uncertainty is a great tribute to our robust and proven business model.”

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