FIIG - The Fixed Income Experts
Case Study - CML Group

Case Study - CML Group

Issue Date

March 2016
May 2016

Amount

$25m
$15m tap

Maturity

18 March 2022

Term

6 years
(par call after 5)

Coupon

8%

About the Issuer

CML Group Limited (“CML”) is an ASX-listed (ASX: CGR) provider of finance, payroll and recruitment services. CML’s two operating areas are (i) Finance, which provides disclosed factoring (disclosed invoice finance) to small and medium enterprises and (ii) Payroll and Other, which provides outsourced payroll solutions, employment and recruiting as well as immigration services. CML had a market cap of $19m as at May 2015.

The issuer need

In 2015, CML issued $25m into the debt capital market, utilising the funds to acquire a factoring business. Subsequent to the issue, CML successfully grew its book in line with expectations. To facilitate further organic growth in its loan book and fund the acquisition of another competitor, CML was seeking additional funding.

The FIIG solution

CML’s stated strategy for its maiden Notes issue was to utilise them as the core debt facility and look to issue additional tranches as the business grew. FIIG was able to work with CML to structure an additional series of Notes to facilitate the additional funding and inject an appropriate level of flexibility to ensure that the issue and subsequent tap was complimentary to the broader capital structure and growth aspirations of the business.

Client testimonial

“CML was previously constrained by access to appropriate funding, being long-term and expandable. FIIG was quick to understand CML’s needs and their support has helped CML to accelerate its growth, both organically and through acquisition of aligned businesses.” CEO, Daniel Riley

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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