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Brief: Cash Converters completes note issue, OzForex going for IPO

Payday lender Cash Converters has raised A$60 million of funds through an issue of unsecured notes. It will pay a coupon of 7.95 per cent on the five-year senior, unsecured notes. FIIG Securities, which arranged the deal, said the offer was oversubscribed. Foreign exchange dealer OzForex, is finalising plans for an initial public offering on the Australian Securities Exchange that will value the company at around A$480 million, according to the Australian Financial Review. The company was started in 2003 and includes Macquarie Group and Carlyle Group among its shareholders. It is forecasting net profit of $22.1 million for the year to September, according to the report.

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