Daily News: December 17, 2015

Barclays, Lloyds Provide $150MM Revolver to Moneysupermarket


Moneysupermarket.com Group, the UK-based price comparison company, has received a £100 million ($150 million) revolving credit facility with Barclays and Lloyds Bank.

The deal boost’s the group’s existing credit facility from £50 million ($75 million) to £100 million ($150 million) in addition to a further £100 million ($150 million) for acquisition finance.

Moneysupermarket.com’s chief financial officer, Matthew Price, said: “We have put in place a competitive funding structure with two relationship banks and I would like to welcome Barclays to the banking group.

“The support of our banks in providing an increased revolving credit facility which gives additional headroom and is more flexible is a great vote of confidence and illustrates both the strength of our balance sheet and the quality of our asset base.“

Commenting on the deal, Barclays Corporate Banking relationship director Andrew Meadowcroft said the bank has built a “strong strategic dialogue” with Price over the years.

He explained: “The joined-up approach taken by our corporate, debt finance and investment bank teams, coupled with our appetite to support the group’s potential acquisition strategy, underlines the support we’ll be bringing to the relationship moving forward.“

Paul Foster, a relationship director with Lloyds Bank Commercial Banking, praised Moneysupermarket.com for the “expertise and ambition” of its management team.

He continued: “Having supported the business for more than eight years, through key milestones such as its flotation and acquisition of MoneySavingExpert, we are confident of its continued success in its next stage of expansion.“