January 27, 2021

Milbank Advises Together on its £500M Senior Secured Notes Offering


A Milbank LLP team led by European Leveraged Finance/Capital Markets partner Rebecca Marques has advised Together, one of the UK’s leading specialist mortgage and secured loan providers, on the first sterling bond offering since the formal completion of the Brexit process and the first in 2021. This issuance is Together’s ninth high yield capital markets transaction led by Rebecca Marques.

Milbank advised on the issuance by Together’s subsidiary Jerrold FinCo plc (the “Issuer”) of its £500 million aggregate principal amount of 5¼% Senior Secured Notes due 2027.

Following increased demand, the aggregate principal amount of the offering was increased to £500 million from the previously announced amount of £450 million. The proceeds from the offering have been, or will be, used to refinance the Issuer’s £350 million 6⅛% Senior Secured Notes due 2024, to reduce a portion of the company’s securitization balances, for general corporate purposes and to pay associated fees and expenses.

In addition to Ms. Marques, the team included special counsel Ana Grbec and associates Ken Ryan, Maria Schweinberger, Stephanie Colquhoun, Nina Marot and Abbey Dalgleish. The team also included New York Tax partner Andrew Walker and associate Archan Hazra, London Tax partner Russell Jacobs and associate Steven Quinn and New York Alternative Investments Practice partner Catherine Leef Martin.