Deal Summary wording here (if applicable)

The BizPay Secured Debt and Equity Fund Series 1 (the Fund) is targeting an IRR of 15%+ p.a. after fees and costs over a 15-month term, from a $9m structured debt and equity commitment to BizPay.

Fund returns will come from a blend of debt and equity:

• loan facility A : a locked in regular income component from a $5m debt facility: 8% per annum net of all fees, paid monthly in arrears,
• loan facility B: a locked in deferred income component from a ~$2m debt facility: 14% per annum net of all fees, paid at maturity, and
• preference share coupon: a potential deferred income component from a ~$2m preference share issue: up to 8% per annum net of all fees, and although paid at the discretion of the company these distributions are paid before any other distributions can be paid, and although conversion could be during the 15-month term, it is more likely on conversion of the preference shares (expected to happen around the same as the debt facilities' maturity in 2024, but could be later).