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Falcon seals US$150mn for mid-cap funding

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Cash flow currency US dollars

Specialist financier Falcon Group has completed a US$150mn securitisation which will be used to provide trade finance to mid-cap and large corporates.

Natixis acted as the sole initial purchaser. The deal is backed by cross-border multi-bank instruments including letters of credit and performance guarantees from across the Middle East, Asia, Australia and the UK.

“We believe this is the first securitisation of cross-border multi-bank instruments,” Falcon CFO Chris Howarth tells GTR.

“We hope that it is the first of a number in this space. Falcon has been focused on developing its capital structure and we anticipate issuing more of the same going forward.”

The transaction follows the recent US$100mn loan to Falcon from global investment firm Kohlberg Kravis Roberts (KKR). Funds from the KKR deal, together with the new securitisation, will be used to both diversify the company’s funding sources and provide additional funding capacity.

“We’re proud to have achieved this unique securitisation, which I hope will be the start of a flourishing partnership between Natixis and Falcon,” says global head of structured credit and solutions at Natixis, Emmanuel Issanchou.

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