There has not been much information about Travelex for several months. Today, however, there appears to be some development around the firm’s debt securities.

Vienna Stock Exchange has approved for admittance the following debt securities to listing and trading on the Vienna MTF:

Issuer: Travelex IssuerCo Limited

• 1) £95,033,000 12.5% Subordinated Guaranteed Secured Notes due 2025
• ISIN XS2248458049
• Principal Amount: GBP 95,033,000,– Denomination: GBP 100,000,–
• 2) €4,638,000 12.5% Subordinated Guaranteed Secured Notes due 2025
• ISIN XS2248456936
• Principal Amount: EUR 4,638,000,– Denomination: EUR 100,000,–

The first trading day of the above-listed securities is Monday, February 1, 2021.

Let’s recall that, in August 2020, the company confirmed the completion of its debt restructuring. Following the appointment of the joint administrators, the following transactions were executed:

• Certain of the business and assets of TBL have been sold to Travelex Currency Services Limited;
• Certain of the business and assets of TUK have been sold to Travelex Cloud Services Limited to operate the ATM estate;
• Certain of the assets of TUK have been sold to Travelex Foreign Coin Services Limited (“TFCS”) to preserve the optionality to review and reshape the UK retail operations if and when global travel restrictions are lifted and passenger numbers increase.

Back then, Travelex noted that TFCS has not been sold to New Travelex but would continue to trade under the old Travelex corporate structure as a subsidiary of TL (in administration).

In the end of September 2020, Travelex announced a further restructuring plan to ensure the long-term viability of the business, in response to the continued impacts of the Covid-19 pandemic. In line with the travel industry at large, Travelex has been experiencing continued headwinds in its core business which is largely driven by international passenger volumes.

Due to uncertainty surrounding when international travel will resume and little insight on predicting future numbers, Travelex back then announced the start of a formal consultation and redundancy process with impacted colleagues.

Some FNG readers may remember that the problems for Travelex started in January 2020, when Travelex confirmed that a software virus was discovered on New Year’s Eve which has compromised some of its services. Then the Covid-19 issues added to the problems, as well as problems related to Finablr.