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Founded in 1985, Future plc is a UK-listed global media platform, delivering expert content across ~200 brands, ranging from websites and magazines to events and social spaces. Future’s brands create over two million articles every month, reaching 226 million website users, 221 million social media users, and 16 million newsletter subscribers1.

Delivering the refinancing within a tight window

Following its resilient financial performance and to support the Company’s capital allocation policy, Future sought to refinance its existing debt facilities, while establishing a debt capital markets presence as it transitions to a capital structure in line with FTSE peers.

Over the years NatWest has supported Future with a range of banking solutions, including lending and jointly underwriting the company’s Go.Compare acquisition in 2020. In these latest transactions, NatWest acted as (1) Joint Global Coordinator, Joint Active Bookrunner, Documentation Bank, and Ratings Advisor for the £300 million Senior Notes Offering, and (2) as Sole Documentation Coordinator for the refinancing of the £350 million Revolving Credit Facility (RCF).

NatWest utilised its GBP market knowledge and intelligence to shape the Senior Notes Offering, ensure optimal ratings outcome, drive investor interest, and ultimately achieve a successful debut bond issuance. Future’s inaugural access to capital markets allowed the company to refinance its debt facilities and extend its debt maturity profile while obtaining diversification and access to a deep pool of liquidity to support its growth strategy.

For the RCF, NatWest coordinated the transaction process, ensuring the new facility was signed within a short timeframe. The NatWest team and the Future team agreed to right-size the RCF to £300 million with an accordion facility up to £100 million, providing financial flexibility for acquisitions and operational agility. NatWest took a tier one hold of £65 million in this refinance.

NatWest committed to champion the potential of businesses and help them thrive

David Everett, Future’s Treasury Director, commented: “NatWest has been a trusted partner to our business for many years. Their expert knowledge, consistent support, and collaborative approach have been instrumental in many key milestones, including our recent RCF refinancing and debut sterling bond issuance. It has been great working with the NatWest team on these transactions, and we truly value the strength of our relationship."

Ian Bamber Relationship Director at NatWest, added: “It’s been a pleasure working with the Future team throughout these processes. These transactions are examples of our purpose in action, championing the potential of businesses, such as Future, and helping them thrive. We look forward to continuing our longstanding relationship with them.”

Richard Bradbury, Leveraged & Acquisition Finance at NatWest, said: “We’re delighted to have been able to support Future with their successful debut bond which also highlights that the GBP sub-Investment Grade market is highly conducive for new issues with investors welcoming also smaller companies which have a real USP, such as Future.”  

1: Source Future Plc

Finance is subject to status. Security may be required. Product fees may apply.

The securities referred to have not been registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”). They may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons, except pursuant to an available exemption from the registration requirements of the Securities Act, or to retail customers.

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