Refinancing

Pricoa provides funding for public bond refinancing

Pendragon plc is the largest automotive retailer in the UK, and is listed on the London Stock Exchange. The company specialises in the retail of both new and used vehicles and provides a broad range of aftersales services.

Pricoa Capital Group first established a relationship with Pendragon in 2010, and supported the redemption of Pendragon’s public bond in conjunction with the refinancing of the company’s revolving credit facility in 2016. Pricoa ultimately provided £60 million of senior debt, structured as a 7-year bullet, alongside a revolving credit facility which was provided by Pendragon’s relationship bank group. This transaction allowed Pendragon to retain diversity in its funding sources, move to an unsecured debt structure, and extend the tenor of its debt maturities. Furthermore, Pricoa’s ability to provide local currency at fixed-rate pricing was attractive to the company.

This transaction is a good example of Pricoa’s ability to provide flexible capital through supportive, long-term relationships. In addition to refinancing, Pricoa also has the ability to provide funding for a range of scenarios, including but not limited to, acquisitions, capital expenditure and shareholder distributions.