South Street Securities Holdings acquires Lime Funding
With Sumitomo Mitsui Trust Bank providing liquidity and GreensLedge Advisors overseeing issuance, the conduit funds loans to corporate and institutional borrowers through asset-backed commercial paper.
Takeaways
- Lime Funding is a asset-backed commercial paper conduit originating loans to corporate and institutional borrowers.
- South Street Securities Holdings is acquiring Lime Funding.
- The business serves corporate and institutional borrowers.
South Street Securities Holdings closed the acquisition of asset-backed commercial paper conduit Lime Funding in February, adding a short-term funding capability to its securities finance platform.
Lime Funding makes loans to corporate and other institutional borrowers, funded by issuing commercial paper to investors.
Sumitomo Mitsui Trust Bank acts as administrative agent and liquidity provider, while GreensLedge Advisors serves as sub-administrator responsible for the paper issuance program.
“Integrating Lime Funding into the South Street platform reflects our strategy of building scalable, balance-sheet-efficient funding solutions for our clients,” CEO James Tabacchi said.
Lime Funding will operate as part of South Street’s broader securities finance and funding platform and is expected to support the continued expansion of the firm’s financing capabilities.
South Street Securities Holdings operates through subsidiaries that include a Tier 1 FICC repo dealer, a fintech software developer, an SEC-registered service-disabled veteran-owned broker-dealer, and a technology and back-office services company.
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