November 2, 2021

Milbank Advises Together on its £380 Million Senior PIK Toggle Notes Offering


Milbank LLP has advised Bracken Midco1 plc (the “Issuer”), the indirect parent company of Together Financial Services Limited (“Together”), on the offering of its £380 million aggregate principal amount of 6¾% / 7½% Senior PIK Toggle Notes due 2027. This issuance is Together’s tenth high yield capital markets transaction led by Rebecca Marques since 2013.

The proceeds from the offering are expected to be used, among other things, to redeem the Issuer’s Senior PIK Toggle Notes due 2023, to pay the optional redemption call premium in respect of the Senior PIK Toggle Notes due 2023, for general corporate purposes and to pay fees and expenses in connection with the Offering.

Together is a specialist UK finance provider offering a wide range of specifically designed products, including short-term finance, auction finance, residential, buy-to-let and commercial mortgages and secured loans through its established distribution network.

The Milbank team was led by London Leveraged Finance and Capital Markets partner Rebecca Marques, with special counsel Ana Grbec and associates Anastasia Kontaxi and Abbey Dalgleish. The team also included New York Tax partner Andrew Walker and associate Archan Hazra, New York Alternative Investments Practice partner Catherine Leef Martin and associate Megha Kalbag.