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Status: Performing

All payments are on time

All covenants met

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Amount

£100,000,000

Current Yield

8.1%

*
Estimated Yield to Maturity

6.4%

**
Maturity Date

01 Aug 2020

Interest Payment Frequency

6m

Next interest payment

01 Jun 2018

Asset Security

First ranking charge over company assets

Industry Type

Financial

Next Call

01 August 2017 @ 104.188, 01 August 2018 @ 102.094, 01 August 2019 @ 100.0

ISIN

XS0954675558


Business Description

Cabot Credit Management is a market leader in credit management services including debt purchasing, contingency collections, business process outsourcing and litigation. The Group encompasses four UK businesses including Cabot Financial, dlc, Apex Credit Management and Mortimer Clarke Solicitors (a specialist litigation law firm, authorised and regulated by the Solicitors Regulation Authority) and three European businesses Cabot Financial Ireland, Gesif and Nemo. From its inception in 1998 to 30 June 2016, CCM has invested circa £1.9 billion in acquiring portfolios with a face value in excess of £20 billion. CCM has an ERC (estimated remaining collections) of £2.1 billion. It manages in the region of £1 billion of assets on behalf of clients, collects on average over £47 million per month on portfolios it either owns or services on behalf of clients, and has delivered a consistently strong financial performance, having grown its business in each of the last 18 years without exception. The Group, which has purchased circa 8 million customer accounts, employs approximately 1,550 people with offices in Kings Hill, Brackley, Worthing, London, Dublin, Madrid, Paris, Lyon and Marseille. The company prides itself on its ethical values, customer service and high standards. It has an impressive list of accolades including: · Investors in People Gold and Champion awards · Treating Customers Fairly Award 2015 and 2016, Credit Strategy The controlling shareholder of Cabot Financial is Encore Capital Group, an international speciality finance company providing debt recovery solutions. The remaining equity is held by a fund advised by J.C. Flowers & Co., in addition to company management.

* The coupon divided by the price. Where the coupon is partly dependent on Libor it uses market based Libor forecasts at each coupon date over the next 12 months.
** The estimated yield from holding a bond to maturity including interest and capital repayment and assuming interest is re-invested at the same yield. Please note this calculation may be adversely affected by features in bond such as calls or prepayments. Where the coupon is partly dependent on Libor it uses market based forecasts of Libor until the maturity date.
Please note that the current yield and yield to maturity are an estimated return calculation and not guaranteed. All yields shown are gross of taxation and our Service Fee.

Status: Performing


Notes:

The company currently has no outstanding notes.

Capital at risk. No FSCS cover. See Risk Statement.

 

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