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Cash Converters to raise cash

 

Cash convertersCash Converters is seeking to raise $50 million to $60 million through an issue of corporate bonds to repay part of the group’s existing debt and to fund further investments.

The loans provider and second-hand goods retailer on Monday said it would offer senior unsecured notes at a minimum subscription of $50,000.

“The ability of Cash Converters to access the wholesale Australian dollar debt markets demonstrates a new level of maturity for our business and evidences the high level of support from investors in funding our significant growth opportunities,” Cash Converters MD, Peter Cumins, said in a statement.

“This issue will help to provide longer-term debt funding and demonstrates our diligent approach to capital management by achieving further diversity of funding sources.”

The notes will pay 7.95 per cent per annum and have an indicative term of five years.

The lead arranger for the offer is FIIG Securities.

Shares in Cash Converters were one cent, or 0.82 per cent, lower at $1.21 at 1255 AEST.

AAP

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