FIIG arranges IMF Bentham bond issue
Litigation funder IMF Bentham has launched a $30 million bond issue to be made available to wholesale investors such as institutional, private and SMSF investors.
The four year and three month fixed rate senior secured issue, to be arranged by FIIG Securities, will pay a fixed rate of 7.4 per cent.
Announcing the launch, FIIG chief executive, Mark Paton said IMF Bentham recognised the benefits of a corporate bond issue to diversify its funding sources by accessing the unmet demand from investors for businesses with a strong market position.
"IMF Bentham has a successful track record, supported by a strong Australian business and expanding overseas operations in markets such as the US," he said.
"IMF represents a unique opportunity for investors to seek diversification in a defensive sector."
IMF Bentham chief executive, Andrew Saker, said the company would use the funds raised to invest in funding future litigation including class actions, liquidations, and general litigation.
IMF Bentham is seeking to raise $30 million through the bond issue but will accept oversubscriptions to $50 million.
Recommended for you
Iress has announced it will divest its superannuation business as the latest step in its transformation program, allowing it to focus on wealth management.
The corporate regulator has named its new chief executive, who is set to replace retiring interim CEO Greg Yanco in March.
Following the departure of its chief marketing officer last year, AMP has appointed a successor to take up the position with the appointment coming from the US.
The Financial Services Council has appointed Justine Earl-Smith as executive director for commercial partnerships and growth, a newly created role for the organisation.
