14 Feb 2017
~ securing debt facility from WorldBusiness Capital Inc. with a guarantee from OPIC~
“GL Finance PLC (Cambodia) is in the process of securing a $15 million senior debt facility from WorldBusiness Capital Inc(WBC 1). The facility will carry a guarantee from OPIC (*2)– a U.S. government agency based in Washington, DC. The loan application is presently in process and disbursement is expected to be completed towards Q2 of FY2017. All OPIC supported facilities require a US sponsor, and the investment from Creation Investments(*3) in Group Lease (Thailand) will act as a sponsor to this transaction. An OPIC supported facility will open doors for Group Lease to access additional financing in the future from OPIC as well as other Development Financial Institutions across the world.”
The main reasons for this tremendous opportunity are GL business is highly reviewed by OPIC and is recognized as helping development of people’s life and human rights. And also big supports from Creation Investments Capital Management who is a long term investor of Group Lease.
*1 WorldBusiness Capital, Inc. (WBC) is a commercial finance company based in Hartford, Connecticut, USA that offers flexible term loans helping businesses compete in the global marketplace. Founded in 2003, WBC is a direct lender staffed by multilingual professionals with many years of experience in cross-border trade and project finance and a proven track record of successfully closed loans around the world, in a variety of sectors. WBC focuses on lending to businesses in asset-intensive sectors such as manufacturing, distribution, logistics, transportation, agribusiness, food processing, packaging, renewables, equipment leasing, and commercial finance. Borrowers generally have annual revenue in the range of $10 million to $150 million. All borrowers must have some form of “U.S. affiliation”. WBC is an approved guaranteed lending partner of the Overseas Private Investment Corporation (OPIC), the U.S. Government’s development finance institution.
*2 OPIC mobilizes private capital to help U.S. businesses invest in emerging markets, catalyzing revenues, jobs and growth opportunities both in the U.S. and abroad. As of September 30, 2016, OPIC’s project portfolio totaled $21.5 billion.” OPIC achieves its mission by providing investors with financing, political risk insurance, and support for private equity investment funds, when commercial funding cannot be obtained elsewhere. Established as an agency of the U.S. Government in 1971, OPIC operates on a self-sustaining basis at no net cost to American taxpayers.
All OPIC projects adhere to high environmental and social standards and respect human rights, including worker’s rights. By mandating high standards, OPIC aims to raise the industry and regional standards in countries where it funds projects. OPIC services are available for new and expanding business enterprises in more than 160 countries worldwide.
*3 Creation Investments Capital Management is a private equity firm focused on financial services in emerging markets. Base in Chicago, the firm currently manages 15 platform investments in financial institutions across Latin America, South Asia, Southeast Asia and Eastern Europe. Through Creation’s portfolio companies, the firm serves over 7 million unbanked/underbanked individuals and small businesses with needed financial services totaling US $5 billion in loans outstanding. Creation’s investors include leading institutional investors and family offices dedicated to achieving attractive financial returns and social impact.
Creation is GL shareholder for 2 years already of GL and GL new CD(20MUSD) underwriter now.