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. 

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1 Bank of America Merrill Lynch (BAML) 6,415 22 12.84
2 Citi 5,781 17 11.57
3 BNP Paribas 3,530 14 7.06
4 Credit Suisse 2,783 8 5.57
5 Rabobank 2,633 4 5.27

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5 Credit Suisse 41,447.11 125 5.62%