MoneyMe picks up $200m in ABS deal

Anthony Macdonald, Sarah Thompson and Kanika Sood

Jun 30, 2022 – 12.38pm

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Listed non-bank lender MoneyMe is ready to haul in $200 million via an asset-backed securities deal.

Clayton Howes the co-founder and CEO of MoneyMe Belinda Pratten

Debt market sources said the deal was covered before launch and was expected to settle Thursday afternoon.

Westpac was the lead manager, and the allocations went to a handful of institutional investors.

MME PL 2022-1 was MoneyMe’s first ABS transaction, done while it also had Barrenjoey running temperature checks on if a trip to the equity capital markets would make sense.

Moody’s rated the ABS on June 17. The pool was split into eight tranches and did not include any SocietyOne loans, with the largest chunk of about $120 million in the Aaa-rated top-most tranche.

MoneyMe would use the money to grow its loan book. The company’s been around since 2013 and listed via a $45 million initial public offering in late 2019.

Earlier this year, it killed plans for a $20 million institutional placement - which would have been its first ECM cash call since listing - and instead had Pacific Equity Partners help bankroll its acquisition of non-bank lender SocietyOne.

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Anthony Macdonald co-edits Street Talk, specialising in private equity, investment banking, M&A and equity capital markets. He has 10 years' experience as a business journalist and worked at PwC, auditing and advising financial services companies. Connect with Anthony on Twitter. Email Anthony at a.macdonald@copyright link

Sarah Thompson has co-edited Street Talk since 2009, specialising in private equity, investment banking, M&A and equity capital markets stories. Prior to that, she spent 10 years in London as a markets and M&A reporter at Bloomberg and Dow Jones. Email Sarah at sarah.thompson@copyright link

Kanika Sood is a journalist based in Sydney who writes for the Street Talk column. Email Kanika at kanika.sood@copyright link.au