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 are 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

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

13 June 2019

Scancell issues new shares to Vulpes Life Sciences Fund

Scancell (AIM: SCLP), the developer of novel immunotherapies for the treatment of cancer, has raised £3.89m by the issue of new ordinary shares to Vulpes Life Sciences Fund.

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Deals

29 April 2019

AIM for growth businesses looking to scale up is still an option

Ivan Sedgwick, Investments Director at LGB & Co. Limited, wrote an article for Growth Business on why AIM needs to attract institutional interest and improve transparency and governance.

 

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News & Insights