Pioneer Credit AUD 3mBBSW+5.25% 22-Mar-22 Secured and Subordinated Notes Factsheet
Pioneer Credit Limited (Pioneer) is an ASX–listed financial services provider (ASX: PNC) with 180,000 customers across Australia and New Zealand. Pioneer specialises in acquiring and servicing unsecured retail debt portfolios (Purchased Debt Portfolios or PDP) as well as introducing brokered personal credit and loan products.
Pioneer’s primary business, Pioneer Credit Solutions (Solutions), involves the acquisition and servicing of unsecured consumer retail debt portfolios. These portfolios consist of people with financial obligations to Pioneer and are primarily comprised of personal loans and credit card accounts that are generally more than 180 days overdue. Portfolios are acquired at a discount to their face value and Pioneer works with customers to facilitate payment of the account over time. Through this process, customers progress towards financial recovery and evolve to become “new consumers”. This business accounted for materially all of Pioneer’s customer payments revenue in FY17. There are currently over 40,000 eligible customers within the Solutions business. Over 65% of these customers have paid more than 75% of their debt including interest. Of these customers approximately half are under 35 years old.
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