South Street 麻豆传媒 Funding completes $90m private placement
04 January 2022 US
Image: Choat/stock.adobe.com
South Street 麻豆传媒 Funding, a subsidiary of South Street 麻豆传媒 Holdings, has completed a US$87.5 million private placement of 6.25 per cent of five-year senior unsecured notes.
The company, which has received an investment grade BBB by Kroll Bond Rating Agency, will use the proceeds of the notes to refinance existing debt and provide expansion capital to South Street 麻豆传媒 Funding鈥檚 broker-dealer subsidiary.
Speaking on the announcement, James Tabacchi, president and CEO of South Street 麻豆传媒 Holdings, says: 鈥淲e are delighted to complete this capital raise with the help of Piper Sandler and AmeriVet. This allows us to increase our capital base and bolster various growing businesses, particularly TBA mortgage hedging and equity finance. Market conditions in the near future appear to be favorable to utilise this fresh capital in value accretive business expansions.鈥�
Karsten Berlage, CFO of South Street 麻豆传媒 Holdings, adds: 鈥淥ver the last few years, our company has transitioned from net interest margin dependency as a repo dealer to a broader business mix of fee and commission-based revenues.
鈥淎 solid capital base allows us to address increasing margin requirements by clearing houses and maintain a strong balance sheet. We look forward to fostering new relationships with insurance companies, community banks, hedge funds, REITs and other institutional investors who have participated in the note offering.鈥�
The company, which has received an investment grade BBB by Kroll Bond Rating Agency, will use the proceeds of the notes to refinance existing debt and provide expansion capital to South Street 麻豆传媒 Funding鈥檚 broker-dealer subsidiary.
Speaking on the announcement, James Tabacchi, president and CEO of South Street 麻豆传媒 Holdings, says: 鈥淲e are delighted to complete this capital raise with the help of Piper Sandler and AmeriVet. This allows us to increase our capital base and bolster various growing businesses, particularly TBA mortgage hedging and equity finance. Market conditions in the near future appear to be favorable to utilise this fresh capital in value accretive business expansions.鈥�
Karsten Berlage, CFO of South Street 麻豆传媒 Holdings, adds: 鈥淥ver the last few years, our company has transitioned from net interest margin dependency as a repo dealer to a broader business mix of fee and commission-based revenues.
鈥淎 solid capital base allows us to address increasing margin requirements by clearing houses and maintain a strong balance sheet. We look forward to fostering new relationships with insurance companies, community banks, hedge funds, REITs and other institutional investors who have participated in the note offering.鈥�
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