FIIG - The Fixed Income Experts
WorkPac and FIIG - Warehouse Funding

Warehouse Funding: debt markets support securitisation and growth

WorkPac Group (“WorkPac”) is Australia’s largest privately owned workforce solutions business supporting primarily the mining, mining services, civil construction, infrastructure, utilities, medical & healthcare markets. Established in 1997, WorkPac specialise in providing blue and white collar labour services to more than 1,500 corporate clients in Australia. On a weekly basis, this translates into managing more than 11,000 individuals in a range of different environments. Major partnerships in its various fields of expertise include BHP, Rio Tinto, Glencore, South 32 and Anglo American.

WorkPac had an existing trade receivables facility with a senior financier which funded the gap in terms of trade between the payment of wages to its employees and invoices paid from its corporate clients. As a result of continued growth in its receivables over recent years, WorkPac was keen to restructure its funding arrangements in order to both increase the size of the facility and the advance rate received against the underlying receivables.

FIIG was able to work closely with both WorkPac and its senior financier to provide a mezzanine note into a new revolving trade receivables warehouse. This innovative solution has enabled WorkPac to achieve increased funding against its existing pool of receivables as well as an increase to the total funding platform for future growth.

WorkPac CFO, Martin McIver, said: “The recent FIIG bond raising was a key part of the WorkPac funding strategy. The bonds provide flexibility and capacity to support our growth plans over coming years. It was important for WorkPac to expand our funding base and we considered the bond raising an ideal platform to inform a broad range of investors about WorkPac. We were impressed with FIIG’s professionalism, competence and responsiveness during the pre and post bond raising process and we look forward to working with them over the coming years.”

WorkPac is the latest Australian corporate business to utilise the bond market to broaden its capital base. FIIG has provided a range of funding solutions to the sector, including:

  • Traditional and innovative securitisation structures;
  • Corporate style senior facilities, including acquisition of loan books;
  • Funding diversification including refinancing and/or expansion of existing funding lines; and
  • Optimising capital structure through a range of terms including terms of greater than 4 years, fixed or floating rate, secured and unsecured.

 

James Vance Director, Debt Capital Markets
James Vance
Director, Debt Capital Markets

(02) 9697 8741
James.Vance@fiig.com.au

A proven track record of opening the Australian bond markets

FIIG has a proven track record of opening the Australian bond markets, having raised over $2.8bn of predominantly unrated bond funding across more than 70 issues.

The Debt Capital Markets team arranges long term, AUD bond financing for rated and unrated Australian and New Zealand corporates. Our funding solutions enable mid-market corporates and large private companies to diversify their funding options and optimise their capital structures.

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$30m

July 2019
Class B Notes
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June 2019
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SCT Logistics - FIIG Debt Capital Markets

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McPherson's - FIIG Debt Capital Markets

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Senior Unsecured Notes
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Dicker Data - FIIG Debt Capital Markets

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Coffey - FIIG Debt Capital Markets

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G8 Education - FIIG Debt Capital Markets

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PMP Limited - FIIG Debt Capital Markets

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Senior Unsecured Notes
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IMF Bentham - FIIG Dept Capital Markets

$72m

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If you would like to learn more about how FIIG can assist in the growth of your business...

  Contact James Vance on
(02) 9697 8741

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