[email protected] Capital says securitisation note process in final phase

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[email protected] Capital PLC (LON:SYME) has said the inventory-backed securitisation note programme managed by StormHarbour for its stock monetisation platform is now in its final phase. 

Recent work has seen a new fast-track procedure to accelerate the due diligence process of client companies, while the final terms of the note subscription are expected to be agreed in the coming days.

Completion is expected before the year-end, when [email protected] said it will disclose the detail of the securitisation transaction and Inventory funding partner.

Elsewhere, [email protected] said it still working on plans to acquire a captive bank, which would supply funding and add additional products such as insurance.

In a trading update, [email protected] added that it had 152 client companies as of November 30, 2020, with gross originations worth €1.9bn or a 16% rise since September.

 Alessandro Zamboni, [email protected]’s chief executive, said: “We are very pleased with the progress made across all funding fronts over the past month. The securitisation issuance is now in its final phase with many of the key processes either completed or in their final stages and I look forward to announcing its closing.

“Furthermore, working closely with the global asset management industry, the Captive Bank project will provide an additional boost to our business by supporting the inventory monetisation of our growing client portfolio.”

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