1PM PLC £7.5m Secured Loan Note Programme (6808Y)
March 07 2017 - 2:01AM
UK Regulatory
TIDMOPM
RNS Number : 6808Y
1PM PLC
07 March 2017
7 March 2017
1pm plc
(the "Group" or the "Company")
GBP7.5m SECURED LOAN NOTE PROGRAMME
Proposed new loan note facility for providing loans to SMEs
1pm plc (AIM: OPM), the AIM listed independent specialist
provider of finance facilities to the SME sector, announces plans
to launch a Secured Loan Note Programme ("SLNP") to raise up to
GBP7.5m in borrowing from private and institutional investors. It
is intended that the funds raised will be used primarily to meet
demand for loans from SMEs, and to provide the flexibility to fund
adjacent products and potential acquisitions as the Company's
business develops.
The SLNP will be arranged and administered through LGB Corporate
Finance which will also act as security trustee. It is proposed the
programme will be established with the flexibility for the Group to
issue loan notes with a range of maturities, repayment profiles and
interest rates, fixed at the date of issue. The SLNP is not
underwritten. The loan notes will be secured by a first fixed
charge by way of sale or assignment of loans and leases written
using funds provided through the SLNP, plus a first fixed and
floating charge over the Company's assets and undertakings.
It is intended that issues under the SLNP will be listed on the
Bermuda Stock Exchange.
Subject to completion of marketing to investors and all relevant
transaction documentation, the Company plans to complete the first
draw down under the SLNP within the next calendar month.
Commenting on the proposed SLNP, Ian Smith, CEO, said:
"1pm has successfully utilised funding from high net worth
lenders in the past. This programme creates a more structured
funding mechanism that can also be utilised by family offices and
institutional investors. We increasingly see opportunities to
provide asset-backed loans to SMEs for "special situations" and
this form of finance is expected to provide the flexibility and
resources to capitalise on these opportunities."
The information contained within this announcement is deemed by
the Group to constitute inside information under the Market Abuse
Regulations (EU) No. 596/2014.
For further information,
please contact:
1pm plc
Ian Smith, Chief Executive
Officer 01225 474230
LGB Corporate Finance
Angus Grierson, Director 0207 518 9892
Cenkos (NOMAD)
Max Hartley (NOMAD), Julian
Morse (Sales) 0207 397 8900
Walbrook PR 0117 985 8989
Paul Vann 07768 807631
paul.vann@walbrookpr.com
About 1pm:
The Company was admitted to AIM in August 2006.
1pm plc is a group of established independent finance companies
focused on providing SMEs with accessible funding to add value to
their businesses. All customers must have good credit histories and
proven ability to repay their finance commitments.
Mission Statement - 'Helping the UK economy grow by supporting
SMEs'
More information is available on the Company website
www.1pm.co.uk
This information is provided by RNS
The company news service from the London Stock Exchange
END
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