October 2017, London
GLAS Trustees Limited (GLAS Trustees) has been appointed as security trustee on the U.S.$100,000,000 European Medium Term Note Programme issued by SF Holdings Company Plc (SimpleFinance). The proceeds of issuances under the programme will be on-lent to Microcredit Limited Liability Company “SimpleFinance”, a Russian fintech company specialising in accessible micro-lending to small and medium-sized business.
Helena Giles, Head of Trustee Services at GLAS notes, “we have been actively participating in discussions about developments in the finance markets including in the fintech market. We are excited to be involved in this programme, which was the first bond issuance for a Russian fintech company providing financial services to small and medium-sized business. We are delighted to have been part of this important transaction for SimpleFinance”.
Mia Drennan, Chief Executive of GLAS adds, “this transaction continues to underline the rapid growth of our corporate trust practice, led by Helena. We are seen as a high level, service and people led alternative to the traditional players in the corporate trust space, and we see this as a very important part of our group’s growth globally”.
The SimpleFinance Group (the Group) is a provider of financial products and services primarily to small and medium-sized businesses located in Russia. The Group’s principle assets are Microcredit Limited Liability Company “SimpleFinance”, Limited Liability Company “SimplyFi” and Limited Liability Company “TenderHub” which are Moscow based small business lenders that focus on fintech as a core component of their operations. The Group was founded in early 2015. The Group has a line of accessible financial products and services that encompass tender loans and other tender-related financial products, factoring, asset-based lending, cashflow lending and peer-to-peer lending for small and medium-sized businesses under the brand name SimplyFi. The Group employs proprietary advanced technologies and an electronic data interchange system that allows customers to have fast 24-hour access to all of the Group’s financial products. The Borrower is licensed by the Central Bank of Russia and is a member of the Association of Factoring Companies. The Group benefits from its access to a vast client base via its investors ecosystem and a strategically located office at Food City, one of the largest wholesale food distribution centres in Russia, and cross selling opportunities within its product offerings.
The Group was advised by Latham & Watkins in Moscow and London. K&L Gates LLP advised GLAS Trustees.
Global Loan Agency Services Limited was established in 2011 as an independent provider of finance administration services. Global Loan Agency Services Limited is a privately owned business, founded by Mia Drennan and Brian Carne. The company was originally created to provide the market a willing participant in complex loan restructuring transactions where many large institutions are reluctant to take swift and cooperative action. We offer a wide range of administration services developed specifically for the debt market. We are an employee led organisation, with each employee directly participating in the success of the company. GLAS Trustees Limited is a direct subsidiary of Global Loan Agency Services Limited.
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