7 June 2012
TRADE FINANCE PARTNERS AGREES THREE YEAR £15 MILLION TRADE FINANCE FACILITY FROM MACQUARIE BANK
Trade Finance Partners (“TFP” or “the Company”) is pleased to announce that it has agreed a three year trade finance facility with Macquarie Bank Limited (“Macquarie”). The initial amount will be £15m with the option to increase by mutual agreement up to £25m within the period. Under the arrangements, Macquarie will also invest in new equity in TFPL which will represent a 5% shareholding. It will also invest in unsecured convertible loan notes in TFPL, where the capital and accrued interest are convertible after three years. If converted in full, this would increase Macquarie’s shareholding in TFPL, on a fully diluted basis, to 20%. If not converted the convertible loan notes and interest become repayable in 2017.
TFPL started trading in January 2011 and achieved break even by 30 September 2011. The facility provides TFPL with a secure medium term foundation on which it can continue to build its business.
Chris Ash, CEO of TFPL, commented:
“We are delighted to be entering into this financing partnership with a bank of Macquarie’s quality and expertise. We believe this will provide us with the springboard to take our business to a new level and we look forward to a mutually rewarding future.”
Nikolaus Woloszczuk, Executive Director Macquarie Corporate and Asset Finance said:
“Macquarie has been active in European financing markets since early 2009, creating bespoke financing solutions by understanding the fundamentals of the businesses we work with. We believe TFP’s management team has the experience and capability to provide innovative trade finance solutions to an important but underserved segment of the UK market. We look forward to working with them.”
For Further information;
Macquarie Tel: +44 (0) 20 3037 2420
Karen Smith Division Director; Karen.Smith@macquarie.com
Trade Finance Partners
Tel: +44 (0) 20 7634 9851 William Tebbit