Travelex completes £90m refinancing deal
Travel money services provider Travelex has completed a £90m refinancing deal.
The £90m facility has been provided on a five-year term that will support business growth.
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.
Travelex’s card and travel money retail business has more than 1,100 bureaux and 900 ATMs across 20 countries.
The wholesale banknotes business serves central banks and major financial institutions worldwide.
Travelex is now working to expand its retail offering, and increase investment in its digital transformation.
Travelex 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.
It has also expanded its pre-paid Travel Money Card in the UK and Japan.
Richard Wazacz, Travelex CEO, said: “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 market indicators pointing to significant growth, this funding will enable Travelex to capitalise on opportunities.”
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Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
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