10.25% Senior Secured Medium-Term Note
Due 15 February 2029 | Rated A- by Egan-Jones Ratings Company
About VSJ Ventures LTD
VSJ Ventures LTD is a privately held investment holding company incorporated in Ontario, Canada, and headquartered in Toronto.
The Company invests across long-duration senior life settlement policies and shorter-duration SME and trade finance opportunities in Europe and Singapore.
These activities are financed through Medium-Term Note programmes issued by VSJ Ventures LTD and offered by private placement to qualified and institutional investors. The Company acts as issuer and programme manager.
Further information on the Company’s corporate structure, governance and Note Security is set out in the Offering Memorandum.
Note Security
The Notes are secured by a general security interest over VSJ Ventures LTD's present and future assets. The secured assets comprise senior life settlement policies issued by US carriers rated AA–AAA, acquired in the secondary market and held in trust; SME loan-backed notes, backed by senior secured loans to established Western European SMEs and secured by hard collateral; and trade receivables-backed notes and trade receivables arising from international trade in goods and commodities, originated through Singapore and supported by bank payment undertakings.
The security applies across the asset pool and is not limited to any individual asset class.
The Notes rank senior to the unsecured obligations of the Company and pari passu with other obligations having equivalent security, subject to any claims given mandatory priority by applicable law.
Coupon Payments
Fixed coupon of 10.25% per annum, paid annually, with principal due in full at maturity on 15 February 2029. No early redemption right for Noteholders.
Capital Allocation
Long-duration insurance policies issued by highly rated carriers (AA–AAA), complemented by shorter-duration, cash-flow-positive SME and trade finance facilities across Europe and Singapore, supported by hard collateral.
Key Investment Highlights
- Rated A- by Egan-Jones
- 10.25% fixed annual coupon
- Admitted to Trading: Frankfurt, Stuttgart & Vienna Exch — MTF
- Diversified Portfolio & Non-Market-Correlated Risk
- INS. & RI from A.M. Best A-rated or Higher Companies
- Minimum 1.50x asset coverage, reported each coupon date
- Diversified across Senior Life Settlement, SME Finance & Trade Finance
Settlement
- T+2 Settlement
- Delivery Versus Payment (DVP)
- Clearstream, Euroclear & SIX SIS AG
Custody
- SIX SIS AG - CSD
- KOTAK Mahindra Bank LTD (GIFT City IBU)
Key Facts & Terms
| Bond Type | Senior Secured Medium-Term Note |
| LEI | 984500BDD434E02A0E56 |
| ISIN | CH1329443308 |
| CUSIP | C9672AAA0 |
| Common Code | 277046300 |
| WKN | A3LU7D |
| Bloomberg FIGI | — |
| FISN | VSJ Ventures/10.25 ABS 20290215 Sr |
| Issue Date | 15 Feb 2024 |
| Maturity Date | 15 Feb 2029 |
| Principal Paying Agent | European Depositary Bank SA |
| Listings | Frankfurt, Stuttgart, Vienna — (MTF) |
| Governing Law | Ontario, Canada (issuer); Swiss law (settlement, transfer, payment) |