Travelex initiates sale process

Maria Nikolova

Parties with a potential interest in making a proposal should contact PwC in order to enter into a customary non-disclosure agreement.

Travelex Financing Plc has just posted an announcement regarding a sale process.

The company announces that, as part of its continuing assessment of strategic options to maximise value for its stakeholders, the Board of Travelex Holdings Limited has decided to seek offers for the Travelex group, and has communicated this intention to Finablr PLC (LON:FIN).

Parties with a potential interest in making a proposal should contact PwC in order to enter into a customary non-disclosure agreement, following which they will receive certain information on the Travelex group, and will be invited to submit their indicative proposals to PwC on that basis.

Let’s recall that, in March 2020, Travelex commented on covenant compliance. Based on unaudited management accounts TP Financing 3 Limited and Travelex Limited (the “RCF Borrowers”) complied with their Q4 2019 financial covenant requiring a Leverage Ratio at or below 3.48x. Travelex estimated that there will be a reduction of Underlying EBITDA in Q1 2020 compared to the equivalent period of 2019, mostly attributable to the malware. The outbreak of COVID 19 has resulted in an increased number of airline cancellations and airport closures which is likely to worsen the position.

The Travelex Group said its view is that the RCF Borrowers are unlikely to comply with the required Leverage Ratio for Q1 2020.

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