As part of its strategic thrust to propel small- and medium-sized enterprises (SMEs) to greater success, Victoria Mutual Wealth Management (VMWM) structured a $900-million corporate note for Stewart’s Hardware. The proceeds of the note will be used to refinance high-cost debt, provide working capital and fund continued business expansion.

Corporate notes are debt securities issued by private and publicly held corporations to raise money for expansion or other business needs and typically pay a higher rate of interest than government bonds. Corporate bonds are a major way companies raise funds for their operations or for a specific project.

According to VMWM, the offer closed within five days of opening due to its attractive yield on the investment and the structure of the transaction.

“We are excited for Stewart’s Hardware and its team as we were able to provide the analytical and structural support to allow an injection of nearly $1 billion. When we are asked, ‘what does VMWM do?’, the answer is simple, we facilitate growth, through the injection of capital to local and international businesses,” said VMWM’s Chief Executive Officer Rezworth Burchenson.

Stewart’s Hardware Limited is a private limited liability company which started operations in 1973. Since 2004, the company has expanded its product offering, introduced the do-it-yourself concept shopping and started trading as Stewart’s Hardware and Home Centre. The product offering was expanded to include home care supplies, car care items and lawn and garden items.

— Abbion Robinson