UK/INTERNATIONAL. Global travel money services provider Travelex has completed a £90 million (US$110 million) refinancing deal, which the company said will underpin the next stage of its growth journey.
The facility – for which PwC acted as financial advisor – has been provided on a five-year term. It will be used to repay Travelex’s existing £50 million (US$61 million) term loan facility, redeem £12 million (US$14.7 million) 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 more than 20 countries, while its wholesale banknotes business serves central banks and major financial institutions worldwide.
Travelex noted that with international travel now at 88.2% of pre-COVID levels and demand for travel – particularly among emerging markets – continuing to accelerate, it is now working to expand its retail offering. That will involve developing new wholesale relationships and increased investment into both its digital transformation and further product innovation.
In addition to creating thousands of jobs and opening dozens of bureaux over the past 18 months, Travelex has also recently launched a host of products. As reported, they include the retail foreign exchange industry’s first ATM click-and-collect product and an automated currency kiosk at Heathrow Airport, as well as expanding its pre-paid Travel Money Card in the UK and Japan.
Travelex CEO Richard Wazacz 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.”
Travelex Chairman Mike Rees 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.” 
