Blackwell eyes gap in market with new funding line
Finance company lender Blackwell Global has entered the market with a new funding line, aiming to gain market share amid reduced risk appetite from banks.
Mark Thornton, chief executive of NZX-listed Blackwell Global Holdings, which was formed last July by Blackwell’s reverse takeover of NZF Group, said he hoped to ramp-up lending into the New Zealand market following a successful debt raise.
Thornton said Blackwell’s issue of 3-year bonds, achieved with backing from offshore investors, would help the newly-formed company gain market share amid a lack of liquidity in the market, after banks tightened lending in recent months. “We are confident we have found a good niche. Banks have issues funding in New Zealand at the moment, and it is a very good opportunity.”
Thornton declined to reveal the size of the debt raise but said the scope of its funding line would depend on the level of interest from the market. He added Blackwell would seek to gain from other non-bank lenders with “funding constraints”. “We believe we have a robust funding mechanism in place, to grow bigger and better,” Thornton added.
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