IMF Bentham (ASX: IMF) today closed the offer for second tranche of secured unlisted corporate notes (Tranche 2 Notes) raising $41.18 million .
The second tranche will be used to raise additional capital for its senior secured notes (ISIN: AU3CB0236735).
These notes have an interest rate of 7.40% and investors will receive a coupon step up of 1.00% (to 8.40%) if total equity falls below $100 million
The notes are callable (at $101) on 30 June 2019 and the legal final maturity is 30 June 2020.
IMF Bentham operates in a niche market and inturn holders of this security will be protected by a range of maintenance covenants limiting the secured debt of IMF Bentham and distributions to IMF Bentham shareholders.
See supplemental information memorandum attached.