Travelex launches £350m HY bond to refi PIK loan

Travelex, the UK bureau de change chain and foreign exchange dealer, wants to issue a £350m high yield bond in two tranches, to refinance its £178m of senior PIK loan facilities, signed in 2007.

  • By Stefanie Linhardt
  • 18 Jul 2013

The fixed and floating rate senior secured notes have five year maturities, with the fixed callable after two years, the FRN after one. Ratings are awaited.

Bank of America Merrill Lynch is billing and delivering and global bookrunner together with Deutsche Bank. Barclays, Lloyds and UBS are joint bookrunners. 

A ...

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GlobalCapital European securitization league table

Rank Lead Manager/Arranger Share % by Volume
1 Societe Generale 13.43
2 Rabobank 12.61
3 Morgan Stanley 10.27
4 Barclays 7.86
5 Natwest Markets (RBS) 7.15

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 27 Mar 2017
1 Bank of America Merrill Lynch 18,561.02 56 11.69%
2 Wells Fargo Securities 18,160.90 57 11.44%
3 JPMorgan 12,092.45 38 7.62%
4 Citi 11,878.92 43 7.48%
5 Credit Suisse 9,276.87 26 5.84%