Simply Asset Finance - Latest Issue - June 2021
We are pleased to announce the completion of a £2 million note issuance under the £20 million Simply Asset Finance (“Simply” or “the Company”) MTN programme.
Simply provides traditional ‘hard’ asset financing to UK-based small and medium-sized businesses. LGB Capital Markets first established the £20 million MTN programme for Simply in March 2020. Since its establishment, the MTN programme has provided the Company with an important source of diversified and flexible funding. Funds raised as a result of this latest issue under the MTN programme will continue to be used to provide Simply with the capital required to further accelerate the growth of its loan book.
As was the case with companies in the asset finance sector, Simply was impacted following the Covid-19 outbreak beginning in March 2020. However, Simply’s management team took control of the situation early in the pandemic; implementing a range of measures to manage risk and ensure the integrity of the book over the past 18 months.
This latest note issue was oversubscribed, having drawn significant interest from LGB’s institutional and HNWI investor base who appreciate Simply’s management expertise and the strong market position the Company has established for itself in the asset finance sector since it began trading in 2017.
The MTN programme is monitored on an ongoing basis by the LGB Capital Markets team to audit covenant compliance and verify the performance of the business. The process from the initial conversation with Simply regarding a new note issuance through to completion took three weeks and required minimal input from Simply’s management team.