New Issue: Axsesstoday Bonds (ASX: AXLHA)

On the 26th of June 2018, Axsesstoday Limited (ASX Code: AXL) announced the launch of Axsesstoday Bonds (ASX Code: AXLHA). The issue will raise $55 million (upsized from $50 million) with the proceeds used to fund the group's growing loan book and repay existing borrowings. The issue date is expected to be the 25th of July 2018.

The bonds are structured as simple corporate bonds, meaning they have no optionality and interest payments are mandatory. To qualify as a simple corporate bond this security has met specific legal eligibility requirements on both the issuer and the security itself. The bonds are protected by Event of Default conditions which give the holder the right to recover any unpaid principal or interest, subject to issuer solvency.

The bonds pay a floating interest rate of 90-Day BBSW plus a margin of 4.90% payable quarterly in arrears until maturity. The bond may only be redeemed on its legal final maturity date (20 July 2023) or when a Tax Event, Change of Control Event or a Clean Up Condition exists. Bondholders are protected by a series of covenants such as a negative pledge, limitations of debt incurrence (minimum interest coverage ratio and a maximum debt to net receivables ratio) and restrictions on shareholder distributions.

Our latest research report can be found here.


Announcementpdf | 490 KB
Investor Presentationpdf | 4 MB
Prospectuspdf | 2 MB