Simply Asset Finance – Programme Increase – February 2022

LGB Capital Markets has arranged an increase to the Medium Term Note (MTN) programme of Simply Asset Finance from £20 million to £39 million.

Simply Asset Finance is a top 50 UK asset finance provider with a well distributed customer base across the UK and diversified asset classes. It offers finance products as a secured lender to SMEs to fund the purchase of business-critical equipment and to free up working capital. Last week Simply was recognised as one of the fastest growing companies in Europe by the Financial Times, making the top 50 from a total of 1,000 companies.

LGB first established Simply’s £20 million MTN programme in March 2020. The programme allows Simply to access funding from a diversified network of private investors managed by LGB Investments. It is subordinated to senior funders and contributes towards book growth by partially funding new business while reducing the company’s blended cost of capital.

With £18 million of notes having been successfully issued under the programme – and Simply having delivered a record performance in FY21 – the company’s management was keen to ensure it had additional capacity under the programme to facilitate growth and utilise its flexibility. The programme increase was completed in February 2022 following strong support from existing noteholders.

The success of the programme has highlighted the strength of the investment proposition, particularly the quality of Simply’s management team and shareholders, and the attractive terms available to institutional and sophisticated private investors.

Stefan Wolvaardt, Chief Financial Officer of Simply Asset Finance, commented:

“The programme has been a very important source of funding and this increase ensures Simply can continue to grow and support UK SMEs. Over the last couple of years the team at LGB have surpassed our expectations with their proactivity and professionalism. It has been a real pleasure working with them and looking forward to continuing to do so.”

We look forward to working with the company and providing an important source of capital as it continues to grow.

Simply’s programme increase now brings the total value of programmes arranged by LGB to £269 million. It follows two programme limit increases in 2021, which also brought the number of active clients with programme sizes of at least £20 million to six. More information on our MTN programmes can be found here.