Specialist lender Together has closed a £375m bond issuance, increasing its funding capacity.
Together provides finance to niche markets, offering short-term finance, auction finance, residential, commercial and buy-to-let mortgages, and secured loans.
Mike McTighe, group chairman of Together, said: “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.”
The new bond has a five-year tenure, with the senior secured notes issued with a coupon of 6.25 per cent. Part of the proceeds will be used to repay the £300m 9.75 per cent senior secured notes previously in issue.
Together has a current loan book of more than £1.8bn and recently announced results which showed annual new lending exceeding £1bn for the first time in its 42-year history.
