Sunday 01 July 2018 by FIIG Research Company factsheets

StockCo Holdings AUD 8.75% 6-Oct-22 Unsecured Notes Factsheet

StockCo Holdings AUD 8.75% 6-Oct-22 Unsecured Notes Factsheet 

StockCo Group Australia (StockCo) is an Australian niche provider of a specialty agricultural finance product tailored to fund the “finishing” phase of livestock’s growth. Finishing finance is provided by funding the purchase price of livestock for a defined period of time with a specific end market in mind. The period of funding can vary from two to 12 months, and the current weighted average term of StockCo’s finance book is 5.8 months. StockCo provides livestock finance facilities for pasture and feedlot based cattle and sheep producers.

StockCo Australia has been in operation since 2014, and has financed over AUD450m of livestock. StockCo is now the largest specialist livestock financier in both Australia and New Zealand and continues to rapidly expand its market leading position in the Australian livestock industry. This position has been recently further strengthened by Elders’ purchase of 30% of StockCo Australia.

The remaining 70% of StockCo is owned by entities associated with Marcus Kight. Marcus is the founder of the business and has been operating StockCo New Zealand since 1995. In the past 20 years, StockCo New Zealand has financed over NZD1.1bn of livestock, comprising approximately 5.5 million sheep and lambs, and approximately 1.0 million cattle, with an historical loss rate of 0.4%. The New Zealand business currently has NZD75m of assets under management.

While the Notes have a final maturity date of 6 October 2022, the Company has expressed its intention to exercise the early redemption option at first available opportunity, which is 6 October 2019 at a price of 103.00. We note that this is the Company’s current intention and it is not a certainty.

  • View the StockCo AUD October 2022 Factsheet.

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