Milbank LLP announced on May 13 that it represented Together Financial Services Limited, a specialist mortgage and secured loan provider in the United Kingdom, in the issuance of £300 million in aggregate principal amount of 8.5% Second Lien Secured Notes due 2032 by its subsidiary Jerrold FinCo plc.
The proceeds from this offering, along with £80 million drawn from Together’s Kingsway Asset Backed Securitization and Highfield Asset Backed Securitization facilities and existing cash balances, have been used to fully redeem £380 million Senior PIK Toggle Notes due 2027 issued by Bracken Midco1 plc, the indirect parent company of Together. The funds were also used to pay related fees and expenses.
The transaction was handled by a team at Milbank including partners and associates across European Leveraged Finance/Capital Markets as well as tax specialists based in New York and London.
This development marks another significant capital markets transaction for both Milbank LLP and Together Financial Services Limited. The redemption of previous notes through this new issuance is expected to support the financial structure of the group moving forward.
