PwC is pleased to announce that it acted as financial and debt advisor to Travelex Group (“Travelex”) on its refinancing.
Founded in 1976, Travelex has grown to become one of the market-leading specialist providers of foreign exchange products, solutions and services, operating across the entire value chain of the foreign exchange industry. 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.
The new 5-year senior term facility of £90m 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.
With international travel now at 88.2% of pre-Covid levels and demand for travel, particularly in 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.
PwC’s financial advisory team, responsible for the overall engagement, consisted of Hamish Mackenzie and Adam Seres.
PwC’s Debt & Capital & Advisory team consisted of David Godbee, Ben Johnson, Keira Leszczynski, Samantha Borchjes and Wenjie Jiang.
“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.”
“The PwC team was critical to the successful delivery of this refinancing transaction, providing support across a number of workstreams to help deliver this funding solution in challenging financing market conditions.”
“We are pleased to have helped Travelex to secure a 5-year debt facility that will provide a strong platform to support the delivery of management’s growth strategy, including investment in new products and markets.”
