Lowell (Garfunkelux)  11.0% 01 Nov 2023

Business Description

Lowell 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. In 2017 Lowell acquired the Intrum’s ‘carve-out’ business, formerly badged Lindorff, gaining businesses in Sweden, Estonia, Finland, Denmark, and Norway.

Lowell is Europe’s second largest credit management player with market leading positions in the UK, Germany, and the Nordic regions. 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.

Bond Information

Coupon

11.0%

Current Yield

11.0%*

Maturity Date

01 Nov 2023

Next Interest Payment

01 May 2020

Interest Period

6 months

ISIN

XS1308316568

Asset Security

Unsecured, guarantees from parent

Amount

£230,000,000

Ratings

S&P:  B-, Moody's:  Caa2

Call Schedule

01 Nov 2018 at 108.25
01 Nov 2019 at 105.5
01 Nov 2020 at 102.75
01 Nov 2021 at 100

Status

Payments on time

* Current Yield and Yield to Maturity are on estimated return calculations and not guaranteed. All yields shown are gross of Taxation and our Service Fee.

Company Information

Company Legal Name

Garfunkelux Holdco 2 S.A.

Industry

Banks & Financials

Country of Origin

UK & Germany

Year of Incorporation

2015

Ownership Status

Private

Capital Structure

Senior Debt 52%

Junior Debt 12%

Equity 36%

Cash

-1.2%

Senior Notes (combined)

6.2%

Content Liabilities

12.0%

Net Debt

17.0%

Equity

83.0%

Enterprise Value

100.0%

EDITDA

£883,000,000

Cash interest

£226,400,000

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.

Based on the last purchase multiple of 7.9x EBITDA of Lowell which was acquired in August 2015. Proforma LTM June 2019 Cash EBITDA* of £468m including Intrum carveout acquisition

Key Financials

Revenues

11,607

Growth %

38.1%

EDITDA

1,681

Margin %

14.5%

Cash balance

3,067

Source: Public Company information

Reports & Information

Throughout our site you will find links to external websites. Although we make every effort to ensure these links are accurate, up to date and relevant, we cannot take responsibility for pages maintained by external providers.

Throughout our site you will find links to external websites. Although we make every effort to ensure these links are accurate, up to date and relevant, we cannot take responsibility for pages maintained by external providers.

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