Together issues £375m bond

by: Heather Greig-Smith
  • 30/09/2016
  • 0
Together issues £375m bond
Specialist lender Together has closed a £375m bond, cutting its interest rate significantly.

Together, which offers short-term finance, auction finance, residential, commercial, buy to let and secured loans through its distribution network, is replacing an existing £300m bond. The new five-year bond is issued with an interest rate of 6.25%, compared with the previous bond’s rate of 9.75%.

The bond, which provides an additional £75m capital, will sit alongside Together’s asset-backed securitisation programme and other funding facilities to provide a platform for growth.

The announcement follows Together’s September results in which the firm revealed it had reached annual gross lending of £1bn for the first time in its 42-year history. Its current loan book is in excess of £1.8bn.

Mike McTighe, group chairman at Together (pictured), said the firm is “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.”

He added: “The terms secured highlight the continued confidence that exists in the market today and attest to the strength of our current financial position. 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.”

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