Catalyst-backed specialty lending platform Callidus Capital to go public
Callidus Capital Corp, a specialty lender and portfolio company of Canadian private equity firm Catalyst Capital Group, has filed a preliminary prospectus with Canadian securities regulators (outside of Québec) for an initial public offering (IPO) of its common shares. The Globe and Mail cited unnamed sources that said the IPO is intended to raise up to $200 million. Focused on providing flexible and innovative asset-based loans, with limited or no covenants and an efficient approval process, Callidus aims to fill a gap left by traditional debt sources and targets gross yields of around 20%. As of Dec. 2013, the firm's loan portfolio consisted of 19 loans with an aggregate gross loans receivable amount outstanding of $381 million, according to SEDAR documents.
