CML in $25 million unrated bond issue
The ASX-listed finance, payroll and employment services company CML Group will return to the bond market for the second time in a year, seeking to raise a further A$25 million in senior secured notes. The net proceeds from the transaction will be used to fund the acquisition of complementary factoring business Cashflow Advantage Pty Ltd and to sustain organic growth, according to a media release from the sole lead arranger, FIIG Securities.The six year fixed rate notes will pay a coupon of eight per cent and will be distributed to new and existing FIIG Securities clients who qualify as sophisticated or professional investors.The funds from CML's previous $25 million issue, in May 2015, were used to acquire another factoring business, Cashflow Financing Australia. FIIG has previously undertaken successful capital raisings for equipment financiers Silver Chef and Axsesstoday, alternative credit provider Cash Converters International, and trade and receivables financier Moneytech.