The new bond has a five-year tenure, with the senior secured notes issued with a coupon of 6.25%.
Together will use a proportion of the proceeds to repay the previous £300m bond issued with senior secured notes of 9.75%.
“We’re 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,” stated Mike McTighe, group chairman at Together.
“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.”
Earlier this month, Together announced that the Moser family had been identified as the preferred option to become a sole shareholder ahead of the intended departure of minority stakeholder Equistone.
Founded in 1974, the company currently has a loan book of more than £1.8bn.
Together’s annual new lending now exceeds £1bn for the first time in its history.
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