Arrow Global updates on trading amid €220m fundraise

DATA-led debt purchaser Arrow Global says it is on track to meet its targets for the full year.

A brief trading statement was made hours after it unveiled plans for a €220m refinancing.

The Manchester-based group said a chunk of this money, to be raised through the issue of senior secured floating rate notes due 2021,  would be used to fund its £158m acquisition of rival Capquest , announced last month.

Its update said core collections for the three months ended September 30 increased compared with the corresponding period in 2013, as a result of newly-purchased loan portfolios.

Between July 1 and September 30, it acquired loan portfolios with a face value of £120m for £23.6m.

“We expect our full year purchases to be in line with our previous expectations, which, we believe, will lay a strong foundation for earnings growth in future years.

“We remain on track to deliver overall results in line with our expectations for 2014.”
 
The company will publish quarterly results on November 28.