Axsesstoday is raising a minimum of AUD50m in unsecured floating rate notes paying up to 5.20%pa over the bank bill swap rate. We look at the relative value compared to its existing secured notes
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Axsesstoday Group (Axsesstoday) has announced its intention to raise a minimum of AUD50m in unsecured notes. The notes will be floating rate and pay an indicative interest rate of 4.90-5.20%pa over BBSW, with a five year maturity date on 20 July 2023.
The 2023 notes will be listed on the Australian Stock Exchange (ASX) under the Simple Corporate Bond regulations and therefore have no call dates.
The proposed notes are issued at the holding company level and rank behind all other debt issued by the group including its senior secured bank facilities, the secured 7.50% June 2021 notes and the BBSW+6.50% October 2021 notes. See Figure 2 below for the capital structure of the company’s debt obligations.
Compared to the 7.50% and BBSW+6.50% 2021 notes, which are now available to retail investors, the unsecured 2023 notes have less restrictions and weaker covenants. The issue of the unsecured notes does not affect our recommendations on the secured 2021 notes.
To read the full research note on the proposed issue please refer here for retail clients, and here for wholesale.
Relative value compared to the secured notes
We believe the proposed 2023 notes do not offer attractive value, particularly noting the unsecured position in a company carrying significant secured debt, the weaker covenants, and the five year bullet maturity. We believe the two existing notes offer better relative value compared to the proposed notes, given the security position and shorter tenor. The table below summarises the key features of the proposed notes.
Figure 1: Key terms
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)
Source: Axsess company reports
Figure 1
Figure 2: Capital structure
![](data:image/png;base64,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)
Source: Axsess company reports
Figure 2
About Axsesstoday
Axsesstoday provides commercial equipment finance to small businesses via a distribution channel of retailers and referrers. The company was founded in 2012 and listed on the ASX in December 2016.
The group operates in two key markets:
- The hospitality industry, with equipment funding for coffee machines, display units, cooking equipment, refrigeration and dishwashing machines
- Other operational critical equipment funding including transport assets and to a lesser extent industrial and fitness equipment
The group offers a broad range of proprietary finance offerings with a term of 12 months to 60 months. The average term of the contract pool is 47 months and the core hospitality product offered is an operating lease with a term of 48 months and an option to purchase outright at each anniversary.
The company’s key differentiating factor is that it offers a white label solution to its retail partners. Axsess supports the retailers by providing graphic design and bespoke marketing collateral with the retailer’s chosen branding.