ASX listed Axsesstoday Limited (”Axsess”) provides commercial equipment and vehicle finance to small and medium businesses via a distribution channel of retailers and referrers. Axsess offers retailers a white label financing product, enabling them to offer a full service solution and deepen customer relationships.
Between 2015 and 2016 FIIG supported Axsess as a private company by issuing $40m in Subordinated Notes to assist with the scaling of its distribution channels.
In December 2016 Axsess took the next step in its strategic plan to expand across Australia by listing on the ASX, raising an additional $10m in equity and increasing its banking facilities. FIIG again supported Axsess in May 2017 with a $30m raising, which combined with its diversified capital base, provides Axsess with the capacity to grow its loan book to $200m.
Axsess is the latest non-bank financial services business to utilise the bond market to broaden its capital base. FIIG has provided a range of funding solutions to the sector, including:
- Participating in traditional securitisation structures;
- Corporate style senior facilities, including acquisition of loan books;
- Funding diversification including refinancing and/or expansion of existing funding lines; and
- Optimising capital structure through a range of terms including tenor of greater than 4 years, fixed or floating rate, secured and unsecured.