Milbank Advises Together on Offering of £300M Second Lien Secured Notes

Milbank LLP represented Together Financial Services Limited (“Together”), one of the UK’s leading specialist mortgage and secured loan providers, on the issuance by Together’s subsidiary Jerrold FinCo plc of £300 million in aggregate principal amount of 8½% Second Lien Secured Notes due 2032 (“Notes”). 

The proceeds of the offering of the Notes, together with £80 million drawn from the Together’s Kingsway Asset Backed Securitization and Highfield Asset Backed Securitization and cash on balance sheet, has been used to redeem, in full, £380 million Senior PIK Toggle Notes due 2027 issued by Bracken Midco1 plc, the indirect parent company of Together, and pay fees and expenses related to the offering.

The Milbank team was led by European Leveraged Finance/Capital Markets partner Rebecca Marques and associates Harshil Bansal and Michail Plataniotis. The team was also assisted by European Leveraged Finance/Capital Markets partner Sarbajeet Nag and associates Natasha Cacela, Irene Vazquez Scortti and Eve Murphy, New York Tax partner Eschi Rahimi-Laridjani and associate Michelle Song, London Tax partner Alan Rafferty and associate Jade Du Berry and New York Alternative Investments special counsel Joel Cavanaugh.