Status: Performing

All payments are on time

All covenants met

BACK TO MARKET


Amount

£230,000,000

Current Yield

9.6%

*
Estimated Yield to Maturity

7.6%

**
Maturity Date

01 Nov 2023

Interest Payment Frequency

6m

Next interest payment

01 May 2018

Asset Security

Unsecured

Industry Type

Financial

Next Call

01 August 2018 at 108.25
01 Aug 2019 at 105.5
01 Aug 2020 at 102.75
01 Aug 2021 at 100.0

ISIN

XS1308316568


Business Description

Garfunkelux was formed in late 2015 following the acquisition of GFKL Group, Germany's largest receivables management business and Lowell Group, the UK's largest debt purchasing and collections business. The merging of the two companies has enabled the company to become one of the leading European players with market leading positions in the UK and Germany. The company's expertise is in debt purchasing, third party collection and business process outsourcing. The company has over 2,300 employees across eleven locations.


Capital Structure

Source: Public Company information
* An asterisk next to an item indicates there is additional information available if you hover over it. You can also find a definition of the terms used on this page in our Glossary here
Based on the last purchase multiple of 7.9x EBITDA of Lowell which was acquired in August 2015. Proforma LTM Cash EBITDA* of £255m consisting of: i) Lowell GFKL £245m ii) IS Inkasso £1m (being a 8 months period) iii) Tesch £9m (being a 12 months period


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* This is the estimated return an investor can expect to receive over the next 12 months expressed in percentage terms. It is the sum of the expected interest payments over the year and where the coupon is partly dependent on Libor uses market based Libor forecasts at each coupon date and also takes into account the Note's current price. It is gross of taxation and our Service Fee. The current yield is therefore an estimated return only and is not guaranteed and may be revised in the future.
** This is an estimated annualised return gross of taxation and our Service Fee assuming the investment is held to maturity. It equates the present value of expected future interest payments of a Note into an annual yield across its life relative to the Note's current price. Where the interest coupon is partly dependent on Libor it uses market based forecasts of Libor and assumes that all interest is re-invested at a rate equal to the Yield to Maturity. For floating rate coupons because current market based forecasts are for Libor to increase in future years the calculation of Yield to Maturity assumes the interest paid to investors will be higher in future years. However, there is no guarantee that the Bank of England will raise interest rates or that Libor will increase as a result. In addition, any changes to the financial circumstances of the company or changes in the economic terms of the underlying loan could also impact future interest payments. The Yield to Maturity is therefore an estimated return only and is not guaranteed.

Status: Performing


Notes:

The company currently has no outstanding notes.

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

 

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