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FIIG - The Fixed Income Experts
Earlypay - FIIG Securities Debt Funding

Capital markets support non-bank lenders to refinance mezzanine Notes achieving diversity, cost effective funding and flexibility

Issuer Profile

Earlypay Limited (“Earlypay”) is an ASX listed (ASX: EPY) Non-Bank Financial Institution (“NBFI”) that provides debtor finance, equipment finance and trade finance mainly to businesses across Australia.

The Classic Equipment Finance Trust (“CEFT”) is a bankruptcy remote securitisation vehicle and the funding vehicle for the Earlypay group’s secured equipment lending activity.

Issuer Need

In 2021, FIIG Securities arranged the issue of $15m Class B Notes (mezzanine funding), subsequently upsized to $20m from their equipment finance warehouse. This return to the Bond market post the pandemic assisted Earlypay to refinance their existing Class B Notes from federally supported funds into a more permanent funding solution. The Notes had a Scheduled Maturity Date in May however Earlypay was keen to refinance early with a modest upsize to optimise the capital structure and reduce its overall cost of funding.

FIIG Solution

The A$22.5m Class B Notes arranged by FIIG provided Earlypay with the long-term capital required to support CEFT. Key benefits of this trade for the issuer were the ability to return to market, taking advantage of strong market conditions and to further diversify their investor base. Earlypay saw over 200 new investors participate in the Class B Notes.

Client Testimonial

“Earlypay first engaged with FIIG in 2015 to arrange senior secured notes which facilitated growth, scale and assisted with our progression to warehouse funding. Now, FIIG has continued to support our growth, arranging the mezz funding in our Equipment Finance trust. Once again, we have been impressed with FIIG’s approach, efficiency and professionalism within the DCM team.” – CFO Paul Murray.

Talk to us
Daniel Jones Director, Debt Capital Markets

Daniel Jones
Head of Debt Capital Markets

+61 436 944 566

FIIG Debt Capital Markets

FIIG has a proven track record of opening the Australian bond markets, having raised over $3.3bn of predominantly unrated bond funding across almost 100 issues.

The Debt Capital Markets team arranges long term, flexible AUD bond financing for rated and unrated Australian and New Zealand corporates. The DCM team also provides debt advisory services focused on optimising capital structures and diversifying funding options.

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

  Contact Daniel Jones on
0436 944 566