Gilbert + Tobin is pleased to have advised Pioneer Credit Ltd (Pioneer) in relation to its $15.8 million acquisition and financing of a significant Part IX (Insolvency) Debt Portfolio.

This deal follows Pioneer’s $24.1 million acquisition of a debt portfolio from Panthera Finance Pty Ltd in December, utilising a $35 million facility from Nomura Singapore (Nomura). The Part IX acquisition was partly funded by a further finance facility from Nomura Singapore Limited (Nomura) and by equity. 

The G+T team was led by Louise McCoach, special counsel in the Banking + Projects team, with support from lawyers Callum Fleming, Clarke Heap, Stephanie Cook, Patrice Elias, and partner Julian Cheng advised on the tax aspects of the deal.

This deal is particularly significant as the appointment of Pioneer as sole buyer of the entire debt portfolio recognises Pioneer’s differentiated servicing and strong reputation in the Australian marketplace.

Louise McCoach commented: “We are pleased to have acted for Pioneer on its acquisition of the Insolvency Debt Portfolio, and on the financing of this acquisition. We have acted for Pioneer on previous debt portfolio acquisitions and appreciate the opportunity to continue to support Pioneer as it expands its service offering in this area.”