Jerrold Holdings refinances £435m securitisation

Secured lender Jerrold Holdings Limited has completed an extension of its private securitisation programme and seen an increase in the facility by just over £60 million…

The revolving facility, which expanded from £373 million to £435 million, will run until January 2017 with a further 12 months’ non-revolving commitment to January 2018.

RBS, Lloyds Banking Group and Natixis are the securitisation note purchasers.

CFO of Jerrold Holdings, Gary Beckett, has stressed the importance the transaction has on the future of the lender.

"This important transaction secures committed funding on favourable terms to January 2018 and will support considerable growth in both our retail and commercial divisions in line with continued demand for our products,” said Gary.  

“The increase and extension follows the successful £200 million capital markets bond issuance in September 2013 and together these transactions provide the Group with significantly increased capacity to support our ambitious growth plans.”

Additionally, this morning Jerrold Holdings Limited announced that through Jerrold FinCo plc - a wholly-owned subsidiary of Jerrold, it has issued an additional £100 million in senior secured notes under an indenture dated September 27, 2013. This was pursuant to which Jerrold FinCo plc had issued £200 million 9¾ per cent senior secured notes due 2018.

“We are pleased to return to the market and provide additional liquidity to our already successful and popular issue,” added Gary.  

“The transaction secures funding which will enable us to take advantage of the opportunities we see in the market and enhance the support we can offer our customers and business partners.

“Alongside our successful £675 million securitisation, which now benefits from investment grade ratings, this is an important cornerstone of financing a loan book in excess of £1.3 billion.”