Travelex pre-marketing sterling deal via Deutsche Bank, announcement expected next week

By Paul A. Harris

St. Louis, May 4 - Travelex Group is pre-marketing a sterling-denominated bond deal that is expected to be announced next week, according to a market source in Europe.

Deutsche Bank Securities is expected to lead the transaction, the size of which remains to be determined.

In February a consortium led by funds advised by Apax Partners signed an agreement to acquire a majority stake in Travelex, the world's largest non-bank foreign exchange specialist.

The transaction is expected to close during the summer of 2005.

Last week financial services provider Standard Chartered announced in a news release that it will join this consortium, acquiring 6% of Travelex.

Travelex is based in London.

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