ASX listed IMF Bentham Limited (IMF) is engaged in the investigation, management and funding of litigation and arbitration claims in Australia, New Zealand, Hong Kong, Singapore, United States and Canada. Commencing in 2001, IMF is one of the worlds most experienced and successful litigation funders, demonstrating a 90% success rate on over 157 completed cases, representing $2 billion in recoveries.
In April 2016 FIIG arranged a $32 million bond issue via the OTC market, enabling IMF to diversify its funding base. Following its successful expansion in 2011 to the United States, IMF sought additional funding to support its growth in this large market. In March 2017 FIIG arranged a second bond issue raising $40 million from existing and new investors, highlighting investor demand for high quality bonds.
IMF has a diverse investment portfolio with an estimated value of over $3 billion, representing 50+ cases. It maintains a high liquidity buffer to satisfy the courts that it has the resources to meet litigation funding costs. IMF has a stated strategy to fund growth through a variety of sources, which currently includes cash reserves, FIIG arranged bonds via the OTC market, an ASX listed note and third party funding such as Fortress Credit Advisors.
IMF is the latest corporate to utilise the bond market to broaden its capital base and support business growth. FIIG has provided a range of funding solutions to the corporate market, including:
- Growth funding including capital expenditure and acquisitions;
- Funding diversification including refinancing and/or expansion of existing funding lines; and
- Optimising capital structure through a range of terms including tenor of greater than 4 years, fixed or floating rate, secured and unsecured.