Pioneer Credit Limited (ASX:PNC) acquired Debt Portfolio of Panthera Finance Pty Ltd for AUD 24.1 million on December 8, 2023. The acquired portfolio of around 32,775 customer accounts, consisting predominantly of credit card and personal loan accounts originated by the Commonwealth Bank of Australia, has a face value of AUD 367 million. To part fund this investment, Pioneer has entered into a competitive finance facility with Nomura Australia Limited (?Nomura Facility?) via a newly created Special Purpose Vehicle (?SPV?). As part of the Nomura Facility, the Panthera sourced PDP will be placed in the SPV, which sits outside the Group?s existing asset pool from a funding perspective. The Nomura Facility does not impact, and has no recourse whatsoever, to Pioneer?s existing assets or equity. The balance of the Nomura Facility is available to fund other PDP investments subject to meeting certain acceptance criteria as have been agreed with Pioneer. Pioneer will draw down AUD 17 million from the Nomura Finance Facility, with the balance of the PDP investment and fees equity funded. As a result of the Panthera transaction, Pioneer has upgraded its prior FY24 PDP Investment Guidance from AUD 60 million to AUD 85 million. Louise McCoach, Callum Fleming, Alana Maloney, Clarke Heap, Stephanie Cook, Patrice Elias, and Julian Cheng of Gilbert + Tobin acted as legal advisor to Pioneer Credit Limited in the transaction.

Pioneer Credit Limited (ASX:PNC) completed the acquisition of Debt Portfolio of Panthera Finance Pty Ltd on December 8, 2023.