Firm: Gadens (Cash Convertors)
Deal: Cash Convertors’ senior unsecured notes offer
Area: Banking & finance
Value: Between $50 million and $60 million
Key players: Gadens’ banking & finance partners Chris Fanning (pictured) and Jon Denovan led the Gadens team, with assistance from senior associate Justin Sprogis
Deal significance: This senior unsecured note offered at 7.95 per cent for a maximum term of five years will refinance existing indebtedness and assist with general corporate purposes of the Cash Converters group. The note issuance, which is to be offered in the domestic Australian market to professional and sophisticated investors, forms part of the long-term financing requirements of the Cash Converters group. Gadens’ lead partner Chris Fanning commented: “This deal reflects what we see as a growing appetite amongst borrowers for alternatives to typical debt-funded refinancing.
“Cash Converters, due to its market presence, strong performance and management, and ASX listing, was well placed to take advantage of the flexibility and efficiency offered by an unsecured note issuance to address its long-term funding requirements, and we were pleased to assist them on this key transaction. It is a credit to all parties concerned that this deal was concluded successfully, amicably and commercially in this context.”