Articles | Issuance of ZAR 300 million Note by Merchant West Asset Finance
Merchant West Asset Finance (“MWAF”) a division of Merchant West Holdings are pleased to announce the issuance of a ZAR 300 million Note under its JSE listed lease backed receivables securitisation programme – MW Asset Rentals (RF) Limited. The Note was issued on 4 September 2020 and is rated AAA(za) by GCR Ratings. The Note and Subordinated loan proceeds will be used to purchase circa ZAR 361 million of qualifying assets.
MWAF provides finance and ancillary services to South African corporates, SME’s and SMMEs and this funding is a further positive step in assisting MWAF in its mission to provide this essential service and help grow and maintain South African companies. MWAF is able to service this segment of the market through its advanced credit scoring methodology, financial structuring competency and nationwide footprint.
Keith Watson (MWAF Managing Director) stated, “with over 20 years in the asset finance market, Merchant West are extremely proud of what we have achieved, funding is a core requirement in our operation and we are very pleased that this investment was provided by a new investor (large asset manager). We are hopeful that this is the beginning of a long and mutually beneficial relationship.”
The issuance is also positive for the domestic capital markets which were essentially closed following the onset of the national lockdown.
For more information contact our Head of Capital Markets, Matt Simpkins, MSimpkins@merchantwest.co.za