Racing Australia Consolidated Enterprises Ltd (“RACE”) is an Australian company specifically established to acquire Supercars. Supercars is one of Asia Pacific's leading motorsport and entertainment companies operating the Supercars Championship touring car competition with events across Australia and New Zealand.
FIIG Debt Capital Markets arranged a new A$45m, 6 year 6.25% secured note issue for RACE. The note issue was used to assist fund the acquisition of 100% of V8 Supercars Holdings Pty Ltd from existing shareholders, Archer Capital and the racing Teams. This unique transaction represented a first for FIIG where the bond was issued by an SPV for the express purpose of funding an acquisition. Acquisition funding is unusual in the bond markets, however, FIIG was able to work closely with all parties to the transaction and provide execution certainty and a smooth process overall.