Travelex, a market leading global travel money services business, has completed a £90m refinancing deal that will underpin the next stage of its growth journey. The £90m facility has been provided on a five-year term. It will be used to repay the existing £50m term loan facility, redeem £12m of the New Money Notes and stapled equity, and provide funds for investment in the business.
Travelex’s card and cash-based retail business operates more than 1,100 bureaux and 900 ATMs across over 20 countries, whilst its wholesale banknotes business serves central banks and major financial institutions worldwide. With international travel now at 88.2% of pre-Covid levels, and demand for travel – particularly among emerging markets – continuing to accelerate, Travelex is now working to expand its retail offering, develop new wholesale relationships and increase investment into both its digital transformation and further product innovation.
In addition to creating thousands of new jobs and opening dozens of new bureaux over the past 18 months, Travelex has also recently launched a host of new products, including the retail FX industry’s first ATM click-and-collect product and a new automated currency kiosk at Heathrow, as well as expanding its pre-paid Travel Money Card in the UK and Japan.
Richard Wazacz, Travelex CEO, commented: “We are delighted to have secured this financing, which is a considerable vote of confidence in both the business and our ambitions for the future. With travel having recovered and market indicators pointing to significant growth for the foreseeable future, this funding will enable Travelex to capitalise on the many opportunities this presents.”
Mike Rees, Travelex Chairman, said: “The refinancing marks a significant point in the Group’s turnaround following the pandemic. The funding provides certainty and the flexibility to target growth in a dynamic market.”
PwC acted as financial advisor to Travelex.
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