Specialist equipment funder Axsesstoday (Axsess) announced the launch of a $15-20 million unrated bond issue. The Notes are to be consolidated and form a single series with the Issuer’s existing A$20,000,000 Secured Subordinated Floating Rate Notes due 9 October 2021, and issued on 9 October 2015
The Issuer
Axsess is a private company which provides business and operational critical (tools of trade) equipment funding to small and medium sized businesses (SMEs) through accredited distribution channels, predominately point of sale retailer stores. Axsess initially focussed on the hospitality sector, and has since broadened its target markets to diversify its portfolio.
Axsess’ key differentiating factor is that it provides a ‘white label’ offering to retailers, who are able to brand the financing with their name whereas its main competitors market directly to end borrowers under their own brands.
The Offer
- A.C.N. 603 303 126 Pty Ltd (ABN 98 603 303 126) trading as Axsesstoday to issue up to A$20,000,000 of Medium Term Notes, guaranteed by its parent Axsesstoday Pty Limited (ABN 50 603 323 182), and certain subsidiaries
- The Notes are to be consolidated and form a single series with the Issuer’s existing A$20,000,000 Secured Subordinated Floating Rate Notes due 9 October 2021, issued on 9 October 2015
- The Notes offer a floating return (paid quarterly) of 3m BBSW +6.50% p.a. to Oct 2020 then stepping up to 3m BBSW +7.50%
- The Notes are callable at the Issuer’s option on each interest payment date from Oct 2017 at $103, from Oct 2019 at $101.50, and from Oct 2020 at par
- Noteholders benefit from a secured second ranking charge over the Issuer, with funding restricted to 85% of the value of eligible assets, and credit enhancement requirements increase if loan arrears become greater than 4.00%
- FIIG is the Sole Lead Arranger for this transaction and the Notes are available to Wholesale Clients only (pursuant to the Corporations Act 2001 (Cwlth)), with an initial minimum subscription of A$20,000 and in increments of A$1,000 thereafter
To apply please contact your FIIG representative or phone 1800 01 01 81.