Silverchef was established in 1986 to help businesses fund their equipment needs through assets leasing agreements. The average lease is approximately 29 months, after which the company then re-furbishes and re-deploys assets returned from customers who have not acquired them at the end of the rental agreement. Silverchef has over 400 dealers Australia-wide with a number of major customers including Subway, Domino’s Pizza, The Coffee Club, Nando’s and Eagle Boys Pizza.
Silverchef was looking for a debt solution to refinance its existing Bank facility and add tenor to its debt profile, de-risk its capital structure by diversifying its funding base and provide additional capital headroom to fund future asset growth.
FIIG was able to provide Silverchef with financing that lengthened the company’s debt maturity profile to a level that was not readily available from its traditional funding sources. This enabled Silverchef to focus on growing its business, and provided the flexibility to concentrate on expanding its national footprint through its various business units.
Chief Executive Officer Charles Gregory commented that “We are very pleased with the successful outcome of our offer of Unsecured Notes” and that “the Note issue demonstrates our diligent approach to capital management and determination to diversify our funding to underpin the continued growth of our business.”