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Earlypay reports Greensill exposure

Finance company Earlypay (formerly CML Group) has disclosed an exposure to the failed supply chain finance company Greensill Capital, saying it is in the process of refinancing the affected contracts.

Earlypay said it is refinancing a portfolio of equipment finance contracts funded by a long-term amortising facility with Greensill.

The contracts represent less than 10 per cent of Earlypay’s total loan portfolio and will be transitioned to an existing bank warehouse facility.

The company said in a statement that this is the only facility it holds with Greensill and it does not anticipate any disruption to its business.

The refinancing is expected to be completed in coming weeks.

 

 

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