Property bridging and growth lender Sancus has prolonged its current funding facility with Pollen Avenue from £75m to £125m.
The power renegotiation – which lasts one other 4 years – will present extra funding capability as the corporate seeks to develop its lending e-book.
The extension was permitted by shareholders at conferences held on 7 November 2022, in response to a Sancus announcement on the London Inventory Change.
Learn extra: Sancus proposes refinancing to help progress plans
The deal will see Somerston Group, Sancus’ largest shareholder, maintain 50.44 per cent of the corporate’s voting share capital by way of the subscription of extra new bonds and warrants by its subsidiary Somerston Fintech.
Utility might be made to the London Inventory Change for admission of the 94,294,869 new shares to buying and selling on Goal, with dealings anticipated to begin on 30 November 2022.
An additional replace on the conditional bond challenge might be offered in the end, Sancus stated.
Learn extra: Honeycomb completes acquisition of Pollen Avenue Capital
As Peer2Peer Finance Information reported final month, Sancus proposed the refinancing to help the corporate at “a crucial juncture in its turnaround plan”.
“The proposed refinancing, tender supply, extension of the group’s current facility and capital injection strengthens the group’s monetary place and can allow the group to proceed to execute its progress plans”, Rory Mepham, chief govt of Sancus, stated on the time.
“The extension of the Pollen Avenue facility for 3 years permits additional progress in our loans below administration. I want to thank our ZDP holders and Somerston Group for his or her continued help as we proceed to execute our turnaround and concentrate on progress.”
Goal-listed Sancus rebranded from GLI Finance in Could 2021, which it stated was as a result of an elevated concentrate on the choice property finance sector.
