FIIG Securities has completed Australia's largest unrated bond transaction for rail freight operator SCT Logistics raising $85 million. SCT provides a full suite of vertically integrated and national logistics services. It was founded in 1974 as a rail line-haul by Peter Smith and the ownership of the business has remained with the Smith family.
FIIG Securities acted as sole originator for the dual-tenor issue, which comprised of:
- A Four-year Floating Rate note (due 24 June 2019 but callable on 24 June 2017 at $103 ) of $30 million pricing at 90 Day BBSW plus 4.40%; and
- A Six-year Fixed Rate note (due 24 June 2021 but callable on 24 June 2019 at $103) of $55 million pricing at 7.65% (~asset swap plus 4.75%)
According to FIIG securities the deal was oversubscribed.
