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Pioneer Credit to raise up to A$40M in note offering

Australia-based Pioneer Credit Ltd. is seeking to raise up to A$40 million through the issuance of medium-term notes.

The financial services provider said March 8 that it launched the note offering. The secured and subordinated notes will carry a coupon rate of 525 basis points above the 3-month bank bill swap rate and will mature March 22, 2022.

The offering will allow the company to lengthen its debt maturity profile, diversify its funding sources and deliver a funding structure that supports its medium-term growth plans, including the roll out of its personal lending business through Pioneer Credit Connect.

Acacia Partners will serve as the arranger and as a joint lead manager with Westpac Institutional Bank for the issuance.