Jerrold Holdings raises £100m for future expansion

The lender, whose brands include Bridging Finance, Auction Finance, Blemain Finance and Lancashire Mortgage Corporation, will use the funds to provide additional lending capacity for the business, which lends over £700 million per annum to UK based SMEs and home-owners.

The Cheadle based company previously raised £200m in 2013.

Prior to the transaction, Fitch Ratings upgraded Jerrold's long-term issuer default rating to 'BB-' from 'B+' with Standard & Poor’s having also upgraded Jerrold to BB- in December 2014. In the period prior to the offering of Additional Notes, the Existing Notes traded significantly above par.

Gary Beckett, Group CFO of Jerrold commented:

“We are pleased to return to the market and provide additional liquidity to our already successful and popular issue. The transaction secures funding which will enable us to take advantage of the opportunities we see in the market and enhance the support we can offer our customers and business partners. Alongside our successful £675 million securitisation, which now benefits from investment grade ratings, this is an important cornerstone of financing a loan book in excess of £1.3 billion.”