Credabl has expanded its wholesale funding capacity, having completed its inaugural public capital markets term transaction for AU$350m on Thursday, 29 August 2024. According to Dennis Koh, Credabl’s Chief Strategic Growth Officer and Treasurer, the milestone moment better positions Credabl to support clients’ needs.
This asset-backed securities (ABS) securitisation transaction (Credabl ABS 2024-1) follows Credabl’s term deal (a $250m private placement) in November 2023 and is backed by a portfolio of practice premise (commercial real estate), equipment, practice purchase (goodwill), fitout and motor vehicle loans to Australian medical, dental, veterinary and allied healthcare professionals.
This transaction… lays a strong foundation to support future growth of the Credabl business
This transaction, forming a key part of Credabl’s funding strategy, represents a major milestone for the Credabl business and lays a strong foundation to support future growth of the Credabl business.
Commenting on the transaction, Dennis Koh, Credabl’s Chief Strategic Growth Officer and Treasurer said, “We are thrilled with the success of this transaction, which garnered strong interest from a diverse group of investors. This reflects both the high demand and the solid credit performance of our underlying medical portfolio. By expanding our wholesale funding capacity, we are better positioned to support our clients’ needs, and this marks a significant milestone in our ongoing growth journey.”
The transaction was rated by Moody’s and reflects the performance strength of the underlying portfolio.
