Travelex completes £90m refinancing deal to fuel the next stage of growth
25 Sep 2023
Five-year deal will refinance existing debt and provide new funding for investment
Travelex, a market leading global travel money services business, has completed a £90m refinancing deal that will underpin the next stage of its growth journey.
The £90m facility has been provided on a five-year term. It will be used to repay the existing £50m term loan facility, redeem £12m of the New Money Notes and stapled equity, and provide funds for investment in the business.
Travelex’s card and cash-based retail business operates more than 1,100 bureaux and 900 ATMs across over 20 countries, whilst its wholesale banknotes business serves central banks and major financial institutions worldwide. With international travel now at 88.2% of pre-Covid levels, and demand for travel – particularly among emerging markets – continuing to accelerate, Travelex is now working to expand its retail offering, develop new wholesale relationships and increase investment into both its digital transformation and further product innovation.
In addition to creating thousands of new jobs and opening dozens of new bureaux over the past 18 months, Travelex has also recently launched a host of new products, including the retail FX industry’s first ATM click-and-collect product and a new automated currency kiosk at Heathrow, as well as expanding its pre-paid Travel Money Card in the UK and Japan.
Richard Wazacz, Travelex CEO, commented:
“We are delighted to have secured this financing, which is a considerable vote of confidence in both the business and our ambitions for the future. With travel having recovered and market indicators pointing to significant growth for the foreseeable future, this funding will enable Travelex to capitalise on the many opportunities this presents.”
Mike Rees, Travelex Chairman, said:
“The refinancing marks a significant point in the Group’s turnaround following the pandemic. The funding provides certainty and the flexibility to target growth in a dynamic market.”
PwC acted as financial advisor to Travelex.
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NOTES TO EDITORS
Founded in 1976 Travelex has grown to become one of the market leading specialist providers of foreign exchange products, solutions, and services, operating across the entire value chain of the foreign exchange industry in more than 20 countries. We have developed a growing network of ATMs and stores in some of the world’s top international airports, major transport hubs, premium shopping malls and city centres.
Travelex has built a growing online and mobile foreign exchange platform, and we also process and deliver foreign currency orders for major banks, travel agencies, supermarkets and hotels worldwide. In addition, we source and distribute sizeable quantities of foreign currency banknotes for customers on a wholesale basis - including central banks and international financial institutions. We also offer a range of remittance and international money transfer products around the world.