Elanor is an is an Australian ASX-listed real estate based funds management and investment business. Core investment focus is in the office, healthcare and retail real estate and hotels, tourism and leisure sectors. Since listing in July 2014, Elanor had grown its total managed funds and balance sheet investments from $173m to $2.63b (as at 27 May 2022). The groups focus is on acquiring and unlocking value in assets that provide strong stable cash flows and capital growth potential.
Elanor was looking to extend its existing medium-term financing while diversifying interest rate exposure in their capital structure. Extending the existing structure allows Elanor to continue co-investing with capital partners for both strategic and alignment purposes. An important consideration of the refinance was to increase flexibility in managing their capital structure and timing of any future repayment or refinance.
FIIG was able to work closely with Elanor to issue the bond to the FIIG investor network. A two series issuance allowed Elanor to split the term of their capital and issue a fixed and floating rate note. FIIG incorporated a call structure which provides Elanor with flexibility to manage the timing of any repayment or refinance from the first anniversary of issuance. Issuance of a split series also allows Elanor to raise additional capital in the future at a fixed or floating rate of interest.
Paul Siviour, Elanor COO, said “We are pleased to continue our strong relationship with FIIG in relation to the issue of $40 million unsecured medium-term notes to refinance the existing corporate notes issued in 2017.”