Lowell Group, a leading debt purchase company, today announced that is has increased its existing revolving credit facility (“RCF”) from £40 million to £55 million, with the support of the company’s existing lenders Lloyds and JPMorgan. The increased credit facility is based on the same terms as the original agreement and includes an uncommitted accordion, which allows the company to increase the size of the facility by a further £15 million.
Against a backdrop of very attractive market conditions and continued strong operating performance, the increased RCF will further enhance Lowell Group’s strong liquidity position and provide additional capacity for portfolio purchases.
James Cornell, Lowell Group’s CEO, commented: “We value the continued support of our lending partners. The increase in our RCF further enhances our financial flexibility and reflects the attractiveness of the portfolio purchase opportunities we are seeing in the market. We are well placed to continue our strong track record of growth going forward.”
Lowell Group recently announced its annual results for 2011/12 which included reporting a record year for portfolio purchases representing an investment of £90.7 million, a 30% increase on the previous year. Lowell Group purchased 113 new portfolios, which saw it reach the milestone of managing 10 million customer accounts with a face value of £9.0 billion.
“The additional funding will enable us to continue our calculated progress in existing and new sectors” continued James. “We will continue our focus on building long-term strategic partnerships with key clients and maximising value-added capital deployment solutions.”
The increase in RCF builds on the successful placement of a high yield bond in March 2012 which saw the company raise £200 million. It is further evidence of the effectiveness of Lowell’s partnership with TDR Capital.
For further information contact: Carol Ord, Head of Communications, Lowell Group. Tel. 0113 2856570, E-mail: firstname.lastname@example.org, Mobile 07814 430330