Private Credit

Supply Chain Financing I

Annual interest3

Final term

6 months

Per the amended marketing rules adopted by the SEC, some investment details can only be shown to certain logged-in members.

Status

Fully repaid

Recently funded

Accepting $5,000 - $500,000 investments

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Accepting $5,000 - $500,000 investments

Overview

Yieldstreet is pleased to offer a short-term note, with 10% annualized target interest, dependent on an Irrevocable Payment Undertaking (“IPU”) issued by a conglomerate of leading manufacturers and distributors for the global consumer goods industry. Yieldstreet has entered into a participation with Raistone Capital (“Raistone”) to be part of a supply-chain financing syndicate of nearly $100 million. Yieldstreet funded approximately $23.5 million alongside several other institutional investors. Raistone’s client (let’s call the client “Mango”) is a multi-billion dollar revenue and 10%+ EBITDA margin conglomerate business and is rated B-/B3 (stable) by one of the three leading rating agencies. Mango has entered into a deal with its suppliers that allows Raistone (and Yieldstreet/syndicate through the participation) to purchase (at a discount) their outstanding receivables due from Mango. Mango then provides Raistone with an IPU, whereby Mango will unconditionally pay the full amount of the receivables on the maturity date, which is February 3, 2021. In summary, through this program, the suppliers get paid right away, Mango gets extended payment terms (181 days), and Yieldstreet investors earn a 10% annualized target interest rate for a short-term, B-/B3 (stable) credit risk.

Please review the Series Note Supplement for greater detail on supply chain financing, this particular investment opportunity and the risks thereof. The above is intended to simply introduce the opportunity. There is more detailed information available in the Series Note Supplement.

Raistone will service and administer the financing on behalf of Yieldstreet and the other participants that comprise this supply chain financing facility. Yieldstreet investors are scheduled to receive one payment, at maturity, comprised of their investment plus their interest at an annualized target rate of 10%.

Important Notes

• Yieldstreet investors will receive a single payment of their principal and interest by February 3, 2021. Interest will be calculated at an annualized target rate of 10.0%, net of Yieldstreet’s management and origination fees.

• Mango has provided an irrevocable payment undertaking (IPU) which obligates Mango to make payment in full on the maturity date.

Yield

Yieldstreet fee

Target net yield

10%

Interest Type

annualized interest rate

Schedule

Payment schedule

Event-based

Prefunded

Yes

Maturity

Date

Initial Maturity

Feb 3, 2021

Extended Maturity

Structure

Tax document

1099-INT

Offering structure

BPDN

Expenses

First year expense

$35

Annual flat expense

Slide 1 of 3

Yield
Yieldstreet fee
1%
Target net yield
10%
Interest Type
annualized interest rate
Schedule
Payment schedule
Event-based
Prefunded
Yes
Maturity
Date
Initial Maturity
Feb 3, 2021
Extended Maturity
NA
Structure
Tax document
1099-INT
Offering structure
BPDN
Expenses
First year expense
$35
Annual flat expense
$0

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Essentials

Please refer to the Series Note Supplement for more details about this offering.

Assets

What is the collateral underlying the transaction?

The primary source of repayment is through Mango’s ability to generate cash flow to pay their trade payables. By issuing an irrevocable payment undertaking (“IPU”), Mango is obligated to pay the full amount of the invoices without any reduction, setoff, or counterclaim on a date certain that is 181 days from funding. As a supplementary protection, Raistone has filed liens, where applicable, on approximately 500 receivables from Mango’s suppliers that are being paid early in this program. Total gross amount of the payments due under the IPU is $24.9M, while the discounted amount paid to suppliers was $23.4M. Ultimately, this is how the investor’s income is derived.

Experienced Originator

Raistone combines deep trade finance expertise with access to bank and non-bank capital to create a set of flexible trade finance capabilities that enable companies of all sizes to improve their cash cycle and access incremental sources of non-debt working capital. Raistone maintains over $2B of investable pipeline and its portfolio consists of a diverse risk/yield mix across 12 different industries.

Cash flow

How do I get paid?

Yieldstreet investors are scheduled to receive a single principal and interest payment at an annualized target interest rate of 10%, net of Yieldstreet’s management and origination fees, on or before February 3, 2021.

Highlights

Attractive risk adjusted return

Company payment obligation

Approved supplier invoices

Capital structure

Experienced Company

Yieldstreet investors are expected to receive an annualized target interest rate of 10% for a six-month note that is scheduled to be paid under the IPU due from a multi-billion dollar revenue consumer goods company rated B-/B3 (stable) by one of the nationally recognized rating agencies.
Mango has provided an IPU that obligates Mango to make payment in full on the maturity date of February 3, 2021. Mango has been successfully running supply chain finance programs with its suppliers for over a year with no defaults.
All supplier receivables were approved by Mango and Raistone in order to be eligible for early payment at a discount. Raistone then acquired the approved accounts receivable from the suppliers at a discounted purchase price and restated the payment terms for Mango through the IPU. As additional protection, Raistone filed liens, where applicable, on the accounts receivable acquired from the suppliers as a supplementary protection against any other creditors of the suppliers claiming an interest in the same receivables.
In this transaction, Yieldstreet takes the place of the suppliers to Mango. In the event of a liquidation of Mango, Yieldstreet would have an unsecured claim against Mango for payment. This means that if Mango goes out of business, Yieldstreet investors may be repaid after all secured lenders are paid in full, despite having an IPU in place with Mango. However, Yieldstreet expects full payment from Mango when due in 181 days, because in the ordinary course of business, maintaining good relationships throughout the supply chain is essential in running the day-to-day operations of Mango.
The management team of Mango has a proven track record of growing revenue and generating operating cash flow sufficient to service debts and trade payments. Mango has been in business for decades and has built and sustained growing long-term relationships with customers and suppliers around the globe. Mango’s most recent rating wasB-/B3 “stable.”

Resources

Other resources in addition to the Series Note Supplement.

Overview of Private Business Credit

Supply Chain Financing, Explained

Lifecycle of a Yieldstreet Investment

Supply Chain Financing I: Q&A and Webinar

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