Client Overview

  • Founded in 2013, with trading commencing in 2016, the New Zealand-based financial services business offers a guaranteed income for life to NZ retirees through variable annuity products
  • The business is New Zealand’s largest retirement income provider managing over NZ$230 million of assets
  • We have a relationship with the founder, who has 30 years of experience in the insurance industry, having previously been a successful CEO of leading New Zealand insurance companies and government bodies

Facility Overview

  • $4.8 million, 4-year facility structured in two tranches
  • Initial interest-only period for each tranche, then fully amortising
  • Warrants issued with each tranche

Commentary

  • The Client raised growth credit alongside equity to reduce dilution whilst continuing to grow and meet the business’s regulatory capital requirements
  • This deal was Leap’s first New Zealand deal. We were asked to provide a tailored facility for the Client in a very tight timeframe

Providing Value Added Credit

Speed

The Leap team was able to go from due diligence to document execution in just 2.5 weeks. Leap’s local, nimble team were able to make quick decisions to meet the specific requirements of the Client.

Network

We were able to introduce the Client to potential equity investors as the business required further capital to fund growth.