Travelex  8.0% 15 May 2022

Business Description

Travelex is the world's leading foreign exchange specialist. The Group’s business is active across the entire value chain of the retail foreign exchange industry and its retail operations are all across the world. Over 30 million retail customers use Travelex every year. Its activities include the operation of retail foreign exchange stores, ATMs and online and mobile platforms for its retail customers; the preparation, processing and delivery of foreign currency orders for the Group’s partner customers; and the sourcing and distribution of large quantities of foreign currency banknotes for customers including from central banks and international financial institutions.

Bond Information

Coupon

8.0%

Maturity Date

15 May 2022

Next Interest Payment

15 May 2020

Interest Period

6 months

ISIN

XS1577963306

Asset Security

Senior Secured

Amount

€390,000,000

Ratings

S&P:  B-, Moody's:  B3

Call Schedule

15 May 2020 at 104
15 May 2021 at 102
15 Nov 2022 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

Travelex Financing plc

Industry

Banks & Financials

Country of Origin

UK

Year of Incorporation

1976

Ownership Status

Private

Capital Structure

Senior Debt 37%

Equity 63%

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: 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.

Usable cash adjusts cash for cash allocated to working capital (cash in tills, vaults and transit) and a consistent management estimate of cash required locally for regulatory purposes. In addition it is also adjusted for by using a notional estimate of local working capital requirements. This uses a consistent management estimate that two thirds of this cash (excluding cash held centrally) is not readily accessible as it is required for working capital requirements of the business.

Based on mooted purchase multiple of Travelex by Bavaguthu Shetty in 2014

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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