London Stock Exchange (LSEG) welcomed Close Brothers to the Market Open Ceremony
This morning, London Stock Exchange Group (LSEG) welcomed Close Brothers to the Market Open Ceremony hosted by Marcus Stuttard, Head of UK Primary Markets & AIM. Close Brothers is a leading UK merchant banking group providing lending, deposit taking, wealth management services and securities trading.
On 7 June 2023, Close Brothers Group plc successfully raised £250 million via a 7.75% senior unsecured bond transaction with a five-year tenor. The issuance saw strong investor participation, with demand from a diverse group of high-quality investors across Europe. The deal had a peak orderbook of c.£1.6 billion, achieving the highest multiple of excess demand seen this year in the sterling bond market.
The bond is rated A2 and BBB+ by Moody's and Fitch respectively and is listed on the Main Market. Proceeds uses are envisioned for general corporate purposes. BofA Securities, JP Morgan and UBS acted as lead managers in the successful transaction.
Close Brothers was founded in 1878, with the shares listed on the Main Market in 1984. The group has a long-term track record of delivering excellent service in niche sectors they know and understand. The Banking division offers SME lending through asset and invoice financing, as well as funding to individuals through its Retail businesses, Motor and Premium Finance. It also finances residential developments through its Property Finance business.
Mike Morgan, Close Brothers Group Finance Director, said:
“I want to thank each of you for your efforts in making this transaction such a great success. This issuance further strengthens the group's diverse funding base, which support the continued delivery of disciplined growth”
First, please LoginComment After ~