Issuer Services
Cooperative Capital Raising
For cooperative boards considering a debenture programme: how the listing pipeline runs, what eligibility requires, and the numbers to work through before applying.
1 · Board decision & mandate
The committee resolves to raise debt, the resolution is minuted and the member mandate required by the society's bylaws is obtained.
2 · Eligibility screening
The exchange desk reviews registration standing, audited financials, governance records and repayment capacity against the issue proposed.
3 · Structuring & disclosure
Coupon, tenor, security and covenant terms are structured with the issuing board, and the prospectus pack is prepared for the placement.
4 · Private placement
The instrument is opened for subscription to qualified investors while the placement window runs, with capital tracked against target.
5 · Listing & servicing
On closing, the debenture registers on CDEx, becomes eligible for secondary trading, and coupon service begins on the contracted schedule.
- Current registration under the Cooperative Societies Act [Chapter 24:05]
- Audited financial statements for the most recent financial year
- Committee resolution and member mandate authorising the issue
- A defined use of funds with realistic projected revenue
- Identified security or commodity backing for the issue
- Clean compliance record with the Registrar and the exchange
Eligibility is assessed on the society and the issue together — a strong cooperative with an unserviceable structure is not an eligible programme.
Debt Service & Collateral Calculator
- Annual coupon burden
- $30,000
- Quarterly coupon payment
- $2,500
- Total interest over tenor
- $90,000
- Total repayment obligation
- $340,000
- Debt service coverage ratio
- 3.00×
- Commodity collateral at 1.2× cover
- $300,000
- Gross yield to placement
- 12.00%
Comfortably serviceable — coverage above the exchange's 1.5× guidance.