Travelex today announces that it has successfully concluded the raising of £25 million of additional funding following the issuance of an additional number of new money notes (in a face value amount of approximately £27.5 million) by the company and the connected issuance of ordinary shares in Travelex Topco Limited.
The Additional New Money Notes have the same terms and conditions and ISIN (XS2248458049) as the existing new money notes. An application will shortly be made for the Additional New Money Notes to be admitted to trading on the Vienna MTF (as operated by the Vienna Stock Exchange).
In May, Travelex revised downwards its earnings forecast for 2021. The company announces that it expects the Travelex group’s EBITDA for the financial year to 31 December 2021 to be in the range of £15 – £25 million below the financial forecast announced on 8th February 2021.
The shortfall predominantly relates to the slower than expected easing of travel restrictions particularly in Asia and ANZ regions where conservative government policies and closed borders are driving a six-month delay in recovery. UK and European markets are expected to recover first but still with a delay of up to three months against previous expectations.
