Phoenix Group, a leading savings and retirement business, has been awarded a “Highly Commended” in the ‘Best Funding Solution’ category of the Adam Smith Awards 2020. The universally recognised awards, which were announced virtually this year, celebrate innovation and best practice in the corporate treasury arena.

The commendation recognises Phoenix Group’s ability to create a unique finance facility over a five year period for the Group. This Group’s revolving credit facility is an innovative multipurpose facility that serves both for working capital needs and for long term acquisition funding whilst being highly robust with a minimum of covenants.

Commenting on the commendation, Hana Harrison, Assistant Treasurer and Head of Funding said:

“The team modelled several refinancing options over a five-year horizon. Of the options considered, refinancing the existing £900 million facility into a larger acquisition-friendly facility was the cheapest option with an estimated £14 million cost saving over this period.

“It’s fantastic to see our efforts being recognised by the industry for their innovation in bringing this multipurpose facility to the market under tight timescales.”

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Enquiries
Phoenix Group is a member of the FTSE 100 index, and has 10 million policyholders and £248 billion of assets under management. It has four operating life companies and operations in the United Kingdom, Ireland and Germany

Rachel Esland
Phoenix Group
07892 705093
Rachel_esland@standardlife.com