Propifi

Client:
Propifi is a bridging venture established by four of the industry’s most experienced and successful operators. A core element of the company business plan is diversification of funding to minimise exposure risks and to ensure control over borrowing costs.

However, their principal source of advice, their arranger, then went bust.

Requirement:
Propifi took up the challenge of getting their bond issued themselves. They quickly found they were missing multiple essential parties to their planned programme. Among these was a corporate trustee, without whom their structure wouldn’t work.

Solution:
It was clear that the existing plan would need more time to complete than Propifi had to spare. Truva proposed a dual-strand solution:
1. An immediate certificated bond programme, salvaged from work already done, enabling bonds to be issued to waiting investors.
2. A near-term listed wholesale programme with an A-rated bond and electronic settlement in CREST that would achieve all of Propifi’s original objectives.

Point of Interest:
Propifi was soon able to launch its bond programme [link to structure pdf] with all the features and benefits they’d long desired:
[include image of Bloomberg screenshot].

• An A-rated bond [link to: Eurorating site when it’s added?].
• Issuance from a special purpose vehicle, Propifi Bonds plc.
• Listing on HMRC-recognised stock exchange: Frankfurt [link to: https://www.boerse-frankfurt.de/anleihe/gb00blb0b914-propifi-bonds-plc-8-1-20-25].
• Electronic settlement in CREST.