IMF Bentham Limited, an unrated listed commericial litigation funder announced that it is to issue a 4-year senior unsecured note through FIIG Securities. The issuer raised $32 million and the proceeds from the offer will be used for general corporate purposes including growth funding for operations in Australia, the US and other markets.
The senior unsecured notes will pay an indicative 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 information memorandum attached.
