Harmoney in the market for mezz debt refinancing
Personal loan financier Harmoney is shopping around for new debt and has appointed Grant Samuel to advise it.
Small cap personal lender Harmoney is shopping around for new funding for its loan book and has appointed Grant Samuel to manage a refinancing process for some of its mezzanine debt.
The ASX-listed, Auckland based company provides unsecured personal loans for home improvements, cars, medical expenses and holidays. It generated revenue of $107 million last financial year, up 47% on the prior corresponding period, while its loan book grew 28% to $744 million, according to its most recent annual report.
Two sources close to the process who spoke on the condition of anonymity confirmed Harmoney's refinancing and the Grant Samuel appointment.
The debt being refinanced is part of a warehouse structure, which puts the mezzanine debt between equity and secured bank loans. Non-bank lenders like Harmoney use these warehouses to finance their personal loans products.
