Payce is a Sydney focused medium density apartment and
mixed use (retail / commercial) development and
investment group. The business has been operating for
more than 30 years and has established a strong track
record in delivering successful projects. Payce listed on the
ASX in 1978 (ASX: PAY) and has a current market
capitalization in excess of $120m.
Payce was seeking debt to assist them in funding their
development pipeline of 3,500 apartments over the next 5
By issuing a Senior Secured bond, Payce gained exposure
to a new investor base that provided an additional layer of
capital into the group. FIIG worked closely with Payce to
structure a covenant and security package that
incorporated the East Village Shopping centre, a $200m+
asset that would be completed and retained by the group
soon after the Notes were issued.