Macquarie provides £42.5 million primary financing to Towry Group Ltd
London, 01 Jul 2012
Macquarie Corporate and Asset Finance (CAF) Lending has provided loans of £42.5 million to Towry Group Ltd. Macquarie developed the financing structure alongside the company and its sponsor, Palamon Capital Partners. The structure was tailored to meet the company's specific needs as a financial services organisation with growing assets under management and to allow it to take advantage of growth and consolidation in the sector.
Macquarie provided financing as part of a debt issuance by Towry, comprising:
- a senior floating rate term loan, 50 per cent financed by Macquarie
- a junior floating rate term loan with a fixed PIK element, wholly issued to Macquarie.
The company used the proceeds of the issuance to refinance an existing credit facility and reduce its overall financing costs.