Longer and cheaper: Dignity refinances £595m securitization

By Jon Hay
13 Oct 2014

Dignity, the UK funeral services business, has completed the refinancing of its whole business securitization, issued in 2002. The exchange offer and issue of new notes allows it to extend the average maturity of its bonds from 10 to 22 years, and still save £7m a year of interest costs.

It was a complex deal, arranged by Royal Bank of Scotland, and for regulatory reasons the transaction had to be open for at least 21 days.

Dignity, a London-listed company, had issued £110m of class ‘A’ notes and £100m of class ‘B’ paper in 2003, rated A/A and ...

Already a subscriber?

Continue reading this article

Try full access to GlobalCapital

Free trial