25 February 2019

LGB arranges its first underwritten medium term note (MTN) issue

SRT, the global provider of maritime surveillance and vessel tracking systems, required certainty of funding to progress with a large systems project. SRT is a regular issuer of loan notes through its existing £10 million MTN Programme. The Group was awarded a large contract with the Philippines Government to supply a fully integrated Vessel Management System. Due to the timing difference between the expected payment of invoices and SRT’s expenditure requirement, the Group required certainty of funds so that work on the project could begin.  

 

LGB understood the requirement to have certainty of funding and swiftly engaged with investors. Investors were identified who could underwrite the full issue value. This provided SRT with the capital requirement upfront so work on the project could begin. LGB is now in the process of selling down the issue to other investors. The investors who underwrote the issue received an underwriting fee on top of the 8.0% interest p.a.

Recent Articles

27 June 2019

LGB advises RHEON LABS Ltd on oversubscribed £7 million equity capital raise

LGB Corporate Finance is pleased to announce that it has advised RHEON LABS Ltd on its oversubscribed £7 million Series A equity capital raise.  The transaction was achieved by way of a private placement.  Read more

Deals

19 June 2019

Issues of medium term notes (MTNs) arranged by LGB can now be settled in CREST

LGB has made arrangements for the settlement of an issue of MTNs by SRT Marine Systems plc through Euroclear’s CREST settlement system.

Read more

Deals

14 June 2019

Canadian IT services company CGI is acquiring SCISYS Group plc

SCISYS Group plc has received a cash offer from Canadian company CGI Inc. The offer price of 254.15p represents a 24.6% premium to yesterday’s closing price and values SCISYS at c£78.9m. Read more

Deals