Cabot Credit Management Places £175million High Yield Bond
Cabot Credit Management today announced that it has placed a high yield bond for £175 million, with a 2021 maturity and an annual interest coupon of 6.5%.
Proceeds will be used to refinance the bridge loan originally put in place to back the acquisition of Marlin Financial Group, and to partly pay down the group's revolving credit facility.
J.P. Morgan led the transaction with Deutsche Bank, Lloyds Bank, the Royal Bank of Scotland and UBS Investment Bank acting as a joint bookrunners
Chris Ross-Roberts, Group Chief Financial Officer, Cabot Credit Management, said: “We are delighted to have completed the latest bond offering. With this additional funding and the recent acquisition of Marlin Financial Group we are in a strong position to continue to grow our business and take advantage of the expanding opportunities in the market place.
Cabot Credit Management already has in place - a high yield bond issued in September 2012 for £265 million, with a 2019 maturity and an annual interest coupon of 10.375%, another issued in August 2013 for £100 million with a 2020 maturity and an annual interest coupon of 8.375% and one from the Marlin Financial Group issued in July 2013 for £150 million with a 2020 maturity and an annual interest coupon of 10.5%.
About Cabot Credit Management
Cabot Credit Management is a market leading acquirer and manager of consumer debt. Divided into five specialist businesses, Cabot Financial, Cabot Financial Ireland, Apex Credit Management, Apex Discovery Solutions and Marlin Financial Group, it covers debt purchase, contingency collections, and customer tracing.
The combined Cabot Credit Management group has purchased assets of £10.7 billion, manages over £1 billion of assets on behalf of clients, collects over £27 million per month on portfolios it owns and on behalf of clients, and has a 15 year unbroken track record of steady growth. The combined group made portfolio purchases of £189 million and achieved revenue on owned loan portfolios of £224 million during the 12 months ended 31 December 2013. The combined 120 Month ERC as at 31 December 2013 was £1.4 billion.
The combined Cabot Credit Management group employs approximately 870 people with offices in Kings Hill, Stratford-upon-Avon, Dublin, Worthing and London. The company prides itself on its ethical values and high standards and has an impressive list of accolades including achieving Investors in People Gold award (accredited for 3 years), attaining a place in the Sunday Times Top 100 Best Companies to Work For – 2013 and Marlin being ranked in 30th in the Sunday Times Profit Track 100 - 2013, the only debt purchaser to be named.
For further information, please contact:
PR Manager, Cabot Credit Management
Tel: +44 (0) 7780 495082
For Investor Relations:
Chief Financial Officer, Cabot Credit Management
Tel: +44 (0)1732 524759