View all newsletters
Receive our newsletter - data, insights and analysis delivered to you

1pm: £7.5m secured loan note programme ‘primarily’ for SMEs, but may aid acquisitions

SME finance provider 1pm will launch a secured loan note programme to raise £7.5m (€6.5m) from private and institutional investors.

By Saad Ahmed

SME finance provider 1pm will launch a secured loan note programme to raise £7.5m from private and institutional investors.

While 1pm said the programme is “primarily to meet demand for loans for SMEs”, it admitted that it will be open to use for 1pm’s other projects and potential acquisitions.

Ian Smith, chief executive officer of 1pm, said: “1pm has successfully utilised funding from high net worth lenders in the past. This programme creates a more structured funding mechanism that can be used by family offices and institutional investors.”

LGB Corporate Finance will serve as security trustee, and will also arrange and administer the programme.

Issues under the programme will be listed on the Bermuda Stock Exchange, and 1pm plans to complete the first draw down under it within the next month.

Smith added: “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.”

NEWSLETTER Sign up Tick the boxes of the newsletters you would like to receive. A weekly roundup of the latest news and analysis, sent every Thursday. The leasing industry's most comprehensive news and information delivered every month.
I consent to GlobalData UK Limited collecting my details provided via this form in accordance with the Privacy Policy
SUBSCRIBED

THANK YOU

Thank you for subscribing to Leasing Life