FIIG - The Fixed Income Experts
Case Study - Cash Converters

Case Study - Cash Converters

Issue Date

April 2015

Amount

$25million

Maturity

17 April 2022

Term

7 years

Coupon

BBSW + 4.65%

About the Issuer

CCV began operations in 1984, was listed on the ASX in 1997 (ASX:CCV) and at the time of Issue had a market cap of ~$530m. CCV is a specialty retailer and micro-financier with a retail network of 717 stores in over 20 countries. CCV has a diverse revenue base comprised from a broad range of service offerings.

The issuer need

Cash converters had experienced significant growth in the years leading up to the bond issue; with almost $80m of debt from a single lender, the management team were seeking a debt solution to diversify the company’s funding sources and reduce refinance risk.

The FIIG solution

By issuing a senior unsecured $60m bond into the capital markets, CCV was able to diversify its funding sources and lengthen its debt maturity profile. The bond issue allowed for their banking facilities to remain, providing greater flexibility to expand its business through growing its loan book and further acquisitions.

Client testimonial

According to Chief Financial Officer, Ralph Groom, management were surprised by how fast and efficient the process was compared to their previous loan applications. “With FIIG the whole raising only took two months from start to finish, so it was a new experience for us to have a relatively straightforward process that went quite smoothly and without a hiccup,” Mr Groom said. “One of the benefits for us has been having a straightforward document that is easy to follow and understand from our view as well as from the bondholders’ point of view. It is also easy and painless to administer”.

Erryn Lloyd-Jones - Head of Debt Capital Markets, Private Debt
Erryn Lloyd-Jones
Head of Debt Capital Markets

(02) 9697 8778
Erryn.Lloyd-Jones@fiig.com.au

A proven track record of opening the Australian bond markets

FIIG has a proven track record of opening the Australian bond markets, having raised over $2.8bn of predominantly unrated bond funding across more than 70 issues.

The Debt Capital Markets team arranges long term, AUD bond financing for rated and unrated Australian and New Zealand corporates. Our funding solutions enable mid-market corporates and large private companies to diversify their funding options and optimise their capital structures.

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If you would like to learn more about how FIIG can assist in the growth of your business...

  Contact Erryn Lloyd-Jones on
(02) 9697 8778

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