Travelex Completes Additional Fundraising of £20 Million

Travelex Group, a foreign exchange specialist, announced that it has successfully closed the raising of additional funds of £20 million through issuing an additional number of New Money Notes in a face value of £22.6 million and the connected issuance of ordinary shares in Travelex Topco Limited, which were stapled to the Additional New Money Notes.

Travelex collapsed into administration, due to the impact of a cyber-attack in December 2019 and the Covid-19 pandemic, in August 2020, and completed in the same month the restructuring and recapitalization of Initial FundCo, one of the two parts split from Travelex Group to protect the most resilient parts of the business and warehouse the retail operations that were forecast to have a slower recovery. Since then, the company has undertaken a significant transformation and restructuring exercise as well as additional cost savings initiatives to help conserve liquidity into 2021 when recovery was expected to occur.

The proposal to obtain fresh liquidity and fund its working capital via issuing Additional New Money Notes was initially announced on February 8, 2021.

According to Travelex's latest announcement, the Additional New Money Notes have the same terms and conditions and ISIN (XS2248458049) as the existing new money notes. An application will shortly be made for the Additional New Money Notes to be admitted to trading on the Vienna MTF (as operated by the Vienna Stock Exchange) and an announcement will be made once such admission has occurred.