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FINS5568 RESOLVE SOCIAL BENEFIT BOND
创建日期：2024-05-16 17:41:14
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RESOLVE SOCIAL BENEFIT BOND
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RESOLVE SOCIAL BENEFIT BOND
Information MemorandumIMPORTANT NOTICES
This Information Memorandum (the IM) relates to the issue of limited recourse Resolve Social
Benefit Bonds (the Resolve SBBs or Notes) by SVA Nominees Pty Ltd (ACN 616 235 753) (the
Issuer) in its capacity as trustee for the Resolve SBB Trust (the Trust). The Trust is managed by Social
Ventures Australia Limited (ACN 100 487 572, AFSL 428865) (Trust Manager).
Capitalised terms in this IM are defined terms and they are listed in Section 12 (Glossary) or defined
elsewhere in the IM.
No disclosure to investors
This IM is not a prospectus or other disclosure document for the purposes of the Corporations Act.
Neither this IM nor any other disclosure document in relation to the Notes has been, or will be, lodged
with ASIC. The offering of the Notes has not been, nor will be, examined or approved by ASIC.
The Notes are only being offered for issue to Australian residents who are not acquiring interests
in the Notes through a permanent establishment outside Australia and in circumstances where
disclosure to investors under Part 6D.2 or 7.9 of the Corporations Act is not required to be made.
The distribution and use of this IM, including any related advertisement or other offering material,
and the offer or sale of Notes may be restricted by law and intending purchasers and other investors
should inform themselves about them and observe any such restrictions. In particular, no action has
been taken by any Relevant Party which would permit a public offering of any Notes or distribution
of this IM in any jurisdiction.
A person may not (directly or indirectly) offer for issue, subscription or sale, or issue an invitation to
subscribe for, or purchase, any Notes, nor distribute or publish this IM or any other offering material
or advertisement relating to the Notes except if the offer or invitation complies with all applicable
laws and directives.
Responsibility
The Issuer accepts responsibility for the information contained in this IM, other than for (1) the
information included in Sections 4 (Resolve Program Details), 5.3 (Flourish Australia) and 5.4 (Key
Flourish Personnel), which have been furnished to the Issuer by Flourish Australia, and (2) the details
of the other persons named in the ‘Directory’ section.
The State has not had any role in the preparation of this IM nor has it independently verified the
information contained in this IM. Accordingly, no representation, warranty or undertaking, express
or implied is made, and no responsibility or liability is accepted by the State for the issue of this
IM, including as to the accuracy, authenticity, origin, validity or completeness of, or any errors, or
omissions from, or any information or statement contained in the IM. The State does not guarantee
the performance of any Notes, the interest rate, the return of capital to Noteholders, any particular
rate of return or any taxation consequences of any investment made in any Notes.
Intending purchasers to make independent investment decision and obtain professional advice
This IM contains only summary information concerning the Issuer, the Resolve Program and
the Notes. It should be read in conjunction with the documents which are expressed to be
incorporated by reference in it, in particular, the SBB Deed Poll and the Resolve SBB Purchase Deed.
The information contained in this IM is not intended to provide the basis of any credit or other
evaluation in respect of the Issuer or any Notes and should not be considered or relied on as a
recommendation or a statement of opinion (or a report of either of those things) by any Relevant
Party that any recipient of this IM should subscribe for, purchase or otherwise deal in any Notes or
any rights in respect of any Notes.
An investment in the Notes is subject to risks, including loss or delay in the repayment or payment
of principal and coupons. Please refer to Section 9 (Risk Factors) for more information.
social ventures.com.au 1RESOLVE SOCIAL BENEFIT BOND INFORMATION MEMORANDUM
IMPORTANT NOTICES
FOREWORD 3
1. KEY TERMS AND DATES 4
2. THE RESOLVE SBB IN CONTEXT 10
3. INVESTMENT OVERVIEW 12
4. RESOLVE PROGRAM DETAILS 14
5. KEY PARTIES 19
6. TRANSACTION STRUCTURE AND KEY DOCUMENTS 21
7. CALCULATION OF PAYMENTS 24
8. CASHFLOW SUMMARY 29
9. RISK FACTORS 30
10. LEGAL NOTICES 33
11. APPLICATIONS 36
12. GLOSSARY 38
APPLICATION FORM 40
CONTENTS
This IM does not describe all the risks of
an investment in any Notes or the exercise
of any rights in connection with them.
Prospective Investors should consult their
own professional advisers about risks
associated with an investment in any Notes
and the suitability of investing in the Notes
in light of their particular circumstances.
RESOLVE SOCIAL BENEFIT BOND INFORMATION MEMORANDUM2
social ventures.com.au 3RESOLVE SOCIAL BENEFIT BOND INFORMATION MEMORANDUM
FOREWORD
Dear Investor,
Thank you for considering an investment in the Resolve Social Benefit Bond (Resolve SBB),
Australia’s first social impact bond (SIB) to address the pressing social problem of mental health.
The Resolve SBB offers Investors the opportunity to generate a competitive financial return
while improving the lives of people suffering mental health issues in NSW. As an Investor,
you will be funding the working capital of the Resolve Program, a recovery-orientated
community support program which combines a residential service for periodic crisis care;
integrated psychosocial, medical and mental health support; and a warm line for after-hours
support from peers.
The Resolve Program will be delivered by Flourish Australia (Flourish), a highly experienced
mental health service provider and a national leader in the employment and support of mental
health peer workers. A differentiating feature of the Resolve model is that the majority of staff
will be peer workers with a lived experience of a mental health issue who can draw upon their
own personal experience to engage, support and be a role model for participants.
It is anticipated that approximately 530 adults will be enrolled in the Resolve Program over
five years, each of whom will have spent an extended period of time hospitalised for mental
health reasons. The Resolve Program will support each participant over a two-year period,
and will be delivered in collaboration with the Nepean Blue Mountains and Western NSW
Local Health Districts.
The Resolve SBB is expected to improve the mental health and wellbeing of participants, while
generating significant savings for the State through a reduction in participants’ utilisation of
health and other services, in particular by reducing the number of days spent in hospital. These
savings will be shared with Flourish to fund the delivery of the Resolve Program, and with
Investors to provide a financial return on their investment.
If the Resolve Program delivers the target outcome performance scenario agreed by the State,
SVA and Flourish over the term of the transaction, overall Investor returns are expected to be
approximately 7.5% per annum.
The Resolve SBB structure aligns the interests of Flourish, the State and Investors, and
imposes a strict focus on outcomes to support hundreds of individuals on their mental
health recovery journey.
I encourage you to read this Information Memorandum in its entirety in order to understand
the potential benefits and risks of this investment opportunity.
Rob Koczkar
CEO Social Ventures Australia
RESOLVE SOCIAL BENEFIT BOND INFORMATION MEMORANDUM4
1. KEY TERMS AND DATES
Important Note: The table below provides a summary only of the key terms of the Resolve SBB and
related contractual arrangements. You should read this IM (including any document incorporated by
reference, in particular the SBB Deed Poll and the Purchase Deed) in full prior to deciding to invest in
any Notes.
1.1 Key Terms: Entities and Contracts
Key Terms Descriptions
Resolve SBBs or
Notes
Medium-term notes offered by the Issuer which are direct, unsubordinated and
second secured debt obligations, limited in recourse to the assets of the Resolve
SBB Trust.
The Notes will be issued in registered, uncertificated form in two tranches (as
the Tranche 1 Notes and the Tranche 2 Notes, which are to be consolidated
and form a single series) on the terms and conditions of the SBB Deed Poll
together with the relevant Note Issue Supplement.
Resolve SBB
objectives
The proceeds from the issue of the Notes will be used to fund the delivery of the
Resolve Program. The Resolve Program aims to improve the mental health and
wellbeing of people experiencing mental health issues in the Western NSW and
Nepean Blue Mountains Local Health Districts.
Resolve Program An integrated service delivery model combining: a residential service for
periodic crisis care delivered through Resolve centres; integrated psychosocial,
medical and mental health support provided through outreach support to
people in their homes; linkages to existing services including specialist drug
and alcohol services; and a warm line for after-hours support from peers. Each
participant will be supported by the Resolve Program for a two-year period
with the aim of increasing the participant’s wellbeing and reducing their
utilisation of health and other services.
Resolve SBB Trust
or Trust
A charitable trust (ABN 65 228 690 068) established under the Trust Deed
for the sole purpose of offering the Notes, entering into the Implementation
Agreement and Services Agreement and funding the delivery of the Resolve
Program and transaction related expenses (including evaluation of outcomes
and the costs and expenses of the Trust and its administration).
Issuer SVA Nominees Pty Ltd (ACN 616 235 753), a company incorporated in Victoria
that is wholly owned by SVA, in its capacity as trustee of the Resolve SBB Trust.
The Issuer is a corporate authorised representative of SVA (AFSL No. 428865).
Trust Manager Social Ventures Australia Limited (ACN 100 487 572) in its capacity as manager
of the Resolve SBB Trust.
Flourish or
Flourish Australia
RichmondPRA Limited (ACN 001 280 628), commonly known as Flourish
Australia (Flourish), is the party contracted to deliver the Resolve Program
under the Services Agreement.
NSW Government The Government of NSW acting through the Health Administration
Corporation (HAC).
Investors ‘Wholesale investors’ (as described in Section 11.3 (Investor eligibility)) may
subscribe for the Notes.
social ventures.com.au 5RESOLVE SOCIAL BENEFIT BOND INFORMATION MEMORANDUM
1. KEY TERMS AND DATES (CONT.)
Key Terms Descriptions
Implementation
Agreement
A contract between the NSW Government and the Issuer dated 13 April
2017 which is the framework agreement for the Resolve SBB arrangement,
and which incorporates the operations manual by reference. Payments to
the Issuer under the Implementation Agreement are a combination of fixed
Standing Charge and Outcome Payments based upon the expected savings
to the State generated by a reduction in the utilisation of health and other
services by the Intervention Group, relative to a Control Group. See Section 6.2
(Implementation Agreement) for details.
Services
Agreement
An agreement to be entered into by the Issuer and Flourish for the delivery
of the Resolve Program, under which the Issuer will use the proceeds of the
issuance of the Notes and payments under the Implementation Agreement to
make quarterly payments to Flourish for the delivery of services.
SBB Deed Poll The Resolve SBB Deed Poll dated on or about 1 May 2017 made by the Issuer
in favour of each Noteholder from time to time. The SBB Deed Poll sets out the
terms and conditions of the Notes and the obligations of the Issuer in relation
to them, and includes the form of the Note Issue Supplements to be made
by the Issuer at or around the time of the issue of the Tranche 1 Notes and
Tranche 2 Notes.
Purchase Deed The Resolve SBB Purchase Deed dated on or about 1 May 2017 made by
the Issuer and the Trust Manager and to be entered into by each Investor
purchasing Notes upon acceptance of its Application by the Issuer.
Security
Arrangements
Security arrangements relating to the payment of amounts under the Resolve
SBB arrangement, as will be set out in (1) a First Security Deed to be entered
into between the Issuer and NSW Government, which grants a first-ranking
security over the Trust Assets in favour of NSW Government, (2) a Second
Security Deed to be entered into between the Issuer and the Security Trustee
(initially, SVA), which grants a second-ranking security over the Trust Assets in
favour of the Security Trustee, and (3) a Priority and Co-ordination Deed to be
entered into between the Issuer, NSW Government and the Security Trustee,
which regulates the priority of enforcements and other related matters as
between the First Security Deed and the Second Security Deed. See Section
6.6 (Security Arrangements) for further details.
Other documents In addition to the above documents, the documentation for the Resolve
SBB arrangement also includes (or will include) (1) a Direct Agreement to be
entered into between the NSW Government and Flourish, providing for certain
direct rights and obligations of those parties as between themselves, (2) the
Trust Deed, which establishes the Trust, and (3) the Management Deed, which
provides for the management of the Trust by the Trust Manager.
LHDs Local Health Districts (LHDs) will collaborate with Flourish in the delivery of
the Resolve Program including facilitating participant referrals and gathering
and reporting on data relating to the Resolve Program. The participating LHDs
are the Western NSW and Nepean Blue Mountains LHDs.
Independent
Certifier
An independent organisation that is appointed to determine the measured
outcomes achieved by the Resolve Program and calculate the payments to be
made under the Implementation Agreement.
RESOLVE SOCIAL BENEFIT BOND INFORMATION MEMORANDUM6
1.2 Key Terms: Implementation Agreement
Key Terms Descriptions
Intervention
Group
All eligible individuals who are enrolled in the Resolve Program, expected to
total around 530 people.
Control Group The group of individuals who meet the Resolve Program eligibility criteria
(but do not live in the Program catchment area) and who are ‘propensity
score’ matched to the Intervention Group for the purpose of creating the
Counterfactual.
Outcome Measure The outcome measure is the number of ‘National Weighted Activity Units’
(NWAUs) incurred over the two-year measurement period commencing on
each individual’s enrolment in the Intervention Group. NWAUs are an activity
measure for determining total health related service consumption. They reflect
both the duration and intensity of service delivery.
Counterfactual The level of health-related service utilisation by Intervention Group members
that would have been expected in the absence of the Resolve Program. The
Counterfactual is determined as the NWAUs incurred by each member of the
Control Group over a two-year period.
Program Savings Calculated Savings are determined by the percentage reduction in aggregate
NWAUs incurred by the Intervention Group relative to the Control Group each
year, multiplied by an agreed annual baseline cost. The baseline cost is based
upon expected State expenditure across a range of health and related services.
Standing Charge An aggregate amount of $9,000,000 payable under the Implementation
Agreement to the Issuer in three equal annual instalments.
Outcome
Payments
The payments made to the Issuer based on the calculated Program Savings.
100% of the first $19,500,000, 25% of the next $5,500,000, and 15% of the
next $20,000,000 of calculated Program Savings are paid to the Issuer, after
netting off all previous payments made under the Implementation Agreement
including the Standing Charge instalments.
Early Termination The Implementation Agreement may be terminated prior to expiry of its term
in various circumstances as further described in Section 6.2 (Implementation
Agreement). In the event of an early termination, a final termination payment
is payable to the Issuer based on the terms of the Implementation Agreement.
See Section 7.6 (Termination Payments) for further details.
Agreed Minimum
Referrals
The Implementation Agreement includes an Agreed Minimum Referrals
provision which commits the NSW Government, through the participating
LHDs, to provide a minimum number of referrals to the Resolve Program each
year. Agreed Minimum Referrals is defined as the lower of the aggregated
number of referrals requested by Flourish from each participating LHD and the
minimum number outlined in the Implementation Agreement.
1. KEY TERMS AND DATES (CONT.)
social ventures.com.au 7RESOLVE SOCIAL BENEFIT BOND INFORMATION MEMORANDUM
1.3 Key terms: Notes
Key Terms Descriptions
Aggregate issue
and Subscription
Amounts
$7,000,000 in principal amount of the Notes. Tranche 1 and Tranche 2 Notes
will each comprise $3,500,000 in principal amount. The denomination of each
Note is $100.
Investors must apply to subscribe for a minimum of 500 Notes, i.e. $50,000
in principal amount, comprising an equal number of Tranche 1 Notes and
Tranche 2 Notes.
Fixed Coupons An effective rate of 2% per annum coupon payable within 10 Business Days of
each of Coupon Determination Dates 1, 2, 3 and 4.
The first Fixed Coupon calculation includes an adjustment for the periods that
the Tranche 1 Notes and Tranche 2 Notes have respectively been outstanding,
as set out in Section 7.1 (Coupon Payments).
Performance
Coupons
A variable amount payable within 10 Business Days of each of Coupon
Determination Dates 5, 6 and 7 (or the Early Termination Date, if occurring
earlier), which is determined as each Noteholder’s pro rata share of the
Distributable Trust Assets as at the relevant date. See Section 7.1 (Coupon
Payments) for further details.
Mandatory
Redemptions
Within 10 Business Days of Coupon Determination Dates 5 and 6, a proportion
of each Noteholder’s Notes will be redeemed for an amount equal to the
aggregate outstanding principal amount of the Notes to be redeemed. The
number of Notes held by each Noteholder redeemed will be determined by
the Issuer by reference to each Noteholder’s pro rata share of the balance of
the Redeemable Trust Assets as at the relevant Coupon Determination Date
divided by $100 (the Note denomination), subject to rounding for whole
denominations. The maximum principal amount of the Notes that may be
redeemed in relation to Coupon Determination Dates 5 and 6 is $6,000,000.
Within 10 Business Days of Coupon Determination Date 7, all outstanding
Notes will be redeemed from the Redeemable Trust Assets at their
outstanding principal amount. If Redeemable Trust Assets are less than the
aggregate outstanding principal amounts of all Notes to be so redeemed, the
amount repaid will be each Noteholder’s pro rata share of the available Trust
Assets. See Section 7.2 (Mandatory Redemptions) for further details.
Redemption on
Termination
Should early termination occur for any reason, Noteholders shall be paid, for
each Note they hold, the outstanding principal amount of that Note on the
termination date.
If available Trust Assets are less than the aggregate outstanding principal
amounts of all Notes, the amount repaid will be each Investor’s pro rata share
of the available Trust Assets.
Limited recourse The assets available to the Issuer to be applied to the payment or repayment
of amounts owing on the Notes are limited to the assets of the Trust.
Investors should note the limitation of liability of the Issuer and indemnity set
out in clause 12.5 (Limited recourse – Issuer) of the SBB Deed Poll.
Transfers Investors should note the transfer restrictions for the Notes, including, without
limitation, those set out under clause 4 (Title and transfer) of the SBB Deed Poll.
1. KEY TERMS AND DATES (CONT.)
RESOLVE SOCIAL BENEFIT BOND INFORMATION MEMORANDUM8
1. KEY TERMS AND DATES (CONT.)
Key Terms Descriptions
Tranche 2 Notes
Subscription
Undertaking
and Transfer
Restriction
Under the Purchase Deed, investors in the Notes irrevocably undertake to
subscribe an allocation of Notes, comprising an equal number of the Tranche
1 Notes and Tranche 2 Notes. Payment by investors of the purchase price for
the Tranche 2 Notes will be required by no later than 5:00 pm (Sydney time) on
Friday 29 June 2018.
If an investor has not, by that time, paid the aggregate purchase price for
the Tranche 2 Notes that it has subscribed, all of its Tranche 1 Notes will be
automatically transferred to the Issuer (or its nominee) at a discounted capital
price of 50% of the outstanding principal amount of such Tranche 1 Notes
(and without any entitlement to any other compensation, including that no
amount of any Fixed Coupon that has accrued in respect of such Notes will be
paid to the investor). See clause 3 of the Purchase Deed (which is also referred
to as the ‘Tranche 2 Notes Subscription Undertaking’).
In addition, during the Initial Transfer Period, any Tranche 1 Note may only be
transferred if the Noteholder, transferee or other person is irrevocably bound
by the corresponding Tranche 2 Notes Subscription Undertaking. See clause
[3] of the Purchase Deed for further details.
In circumstances where an investor has transferred a Tranche 1 Note, but
has remained bound by the Tranche 2 Notes Subscription Undertaking and
then fails to pay the purchase price for the corresponding Tranche 2 Note by
the required time, under the Tranche 2 Notes Subscription Undertaking the
investor indemnifies the Issuer against any loss for that failure.
Taxes and
stamp duty
The Notes do not provide for any additional amounts to be paid in respect of
any withholdings or deductions from amounts payable on the Notes that may
be required by law.
Investors should obtain their own taxation, stamp duty and other revenue
advice regarding an investment in any Notes.
Fees and expenses Management Fees payable to SVA, fees payable to the Independent Certifier
and the Independent Evaluator and legal fees incurred by SVA, the Issuer
and Flourish in respect of the establishment and termination of the Resolve
SBB will be paid for by the Trust. All other Trust expenses will be paid by SVA
out of its Management Fee. Details of the fees can be found in Sections 6.5
(Management Deed) and 7.4 (Other cash flows impacting Noteholder returns).
Investor Reporting Annual performance and social impact reporting will cover Resolve Program
outcomes and payments to Noteholders.
Key Risks Details concerning certain key risks of investing in the Resolve SBB are set out
in Section 9 (Risk factors).
social ventures.com.au 9RESOLVE SOCIAL BENEFIT BOND INFORMATION MEMORANDUM
1.4 Key Dates
Milestone Date
Resolve SBB
applications open
From 1 May 2017 to such date as the Issuer may determine. Applications will
close once aggregate accepted subscriptions reach $7,000,000 or earlier if
determined by the Issuer.
Financial Close Target 30 June 2017
Tranche 1
Subscription
Amounts payable
Date of application.
Subscription amounts will be held in a proceeds account until the Notes are
issued. If the Implementation Agreement is terminated due to non-fulfilment of
conditions precedent, all monies will be returned (without interest) to Investors.
Tranche 2
Subscription
Amounts payable
Friday, 29 June 2018
Calculation Dates 30 September each year from 2018 to 2024
Coupon
Determination
Dates
31 March each year from 2019 to 2025
Scheduled
Maturity Date
31 March 2025
1. KEY TERMS AND DATES (CONT.)
RESOLVE SOCIAL BENEFIT BOND INFORMATION MEMORANDUM10
2. THE RESOLVE SBB IN CONTEXT
2.1 Social Impact Bonds globally
SIBs are among the first and most prevalent social impact investment arrangements to combine
outcome-based payments and market discipline to address areas of pressing social need. The
prevalence of SIBs globally has steadily increased since they were first developed in the UK in 2010.
There are now over 70 SIBs in operation across 15 countries, which have raised over US$200
million in private capital. The range of social issues that SIBs are endeavouring to solve is broad
and growing, ranging from health, child and family welfare, criminal justice, education, workforce
participation and homelessness1.
2.2 Social Impact Investment in NSW
In 2013, the State pioneered Australia’s first two SIBs to improve outcomes for children and families
involved with child protection services: the Newpin Social Benefit Bond (funding Uniting’s Newpin
Program) and The Benevolent Society Social Benefit Bond (funding the Resilient Families Program).
The State has a clear commitment to supporting the broader social impact investment market to
develop new and innovative ways to deliver services to individuals and communities. In February 2015,
the State launched its Social Impact Investment Policy which outlined the State’s aim to deliver two new
social impact investments to market each year2.
1. Social Impact Bonds: The Early Years, 2016, Social Finance UK
2. http://www.osii.nsw.gov.au/assets/office-of-social-impact-investment/files/Social-Impact-Investment-Policy.pdf
2010 2012 2014 20162011 2013 2015
Number of Social Impact Bonds Worldwide
1 1
14
22
29
54
70
2010:
World’s
first SIB
2013:
First SIB in
Australia
70 SIBs
launched
as at
December
2016
Data points are as at 31 December. Data extracted from Social Impact Bonds, The Early Years, 2016 Social Finance UK and the Impact Bond
Global Database, Social Finance
social ventures.com.au 11RESOLVE SOCIAL BENEFIT BOND INFORMATION MEMORANDUM
2. THE RESOLVE SBB IN CONTEXT (CONT.)
‘We are committed to improving services and the lives of the most
vulnerable members of our community. This program is designed to assist
those with mental health issues to successfully return home and
re-engage with the community, and will be delivered through an
innovative partnership with the business sector.’
The Honourable Dominic Perrottet
NSW Treasurer and NSW Minister for Industrial Relations
‘The New South Wales Government is delighted to launch Australia’s first social
impact investment for mental health care.
The innovative Resolve Social Benefit Bond will help improve the health and
wellbeing of people experiencing mental health illness by better supporting
them in the community.
By partnering with an established mental health service provider, Flourish
Australia, the NSW Government will be supporting a community based,
recovery focused and peer led service for people with mental health conditions.
The Resolve Social Benefit Bond offers an opportunity for the NSW Government
to lead the way in mental health care and work together with the private and
non-profit sectors to deliver better outcomes for the people of NSW.’
The Honourable Tanya Davies
NSW Minister for Mental Health
In late 2015, the State released a Request for Proposals calling for innovative social impact investment
proposals targeting the areas of chronic health conditions and mental health hospitalisations.
Flourish and SVA partnered to develop and submit a proposal to the State in the area of mental health in
February 2016. The State subsequently announced that it would proceed to negotiate with Flourish and
SVA to develop Australia’s first SIB targeting the complex issue of mental health.
Resolve SBB: targeted financial and social outcomes4
● Approximately 530 people enrolled in the Resolve Program across
the Western NSW and Nepean Blue Mountains LHDs over a five-year
enrolment period
● Resolve Program participants will collectively spend an estimated 13,300
days at Resolve centres over a seven-year service delivery period, diverting
them from hospitalisation
● Target 25% reduction in the consumption of health services relative to the
Control Group
● $30 million in savings to the State generated through reduced
consumption of health and other services
● $21.7 million in payments to the Resolve SBB Trust from the NSW
Government, comprising $9 million fixed Standing Charge payments and
$12.7 million contingent Outcome Payments
● $3.7 million coupon payments to Noteholders, comprising $0.6 million
Fixed Coupons and $3.1 million Performance Coupons
● Internal Rate of Return over the 7.75 year Note term of 7.5% per annum
RESOLVE SOCIAL BENEFIT BOND INFORMATION MEMORANDUM12
3. INVESTMENT OVERVIEW
3.1 Introduction
The Resolve SBB provides Investors with an opportunity to fund a program that aims to improve the
mental health and wellbeing of hundreds of individuals in NSW, whilst earning a financial return on their
investment. This impact investment will raise private sector capital to fund the delivery of the Resolve
Program, a community based mental health program that will provide support for people experiencing
mental health conditions in the Western NSW and Nepean Blue Mountains LHDs.
Between 2012 and 2015, there were approximately 2,000 individuals each year that spent between 40
and 270 days as a mental health inpatient in NSW3. Across NSW, there are people with a lived mental
health experience who, because of demands on the health system, are not able to access support
services until the level of intervention required is admission to hospital. The Resolve Program is designed
to address this gap, by supporting individuals who frequently present and/or are admitted to public
hospitals in NSW.
The Resolve Program builds upon the deep experience of Flourish, an organisation that has worked in
local communities to support people on their mental health recovery journey for over 60 years. In its
delivery of the Resolve Program, Flourish will continue to embrace the participation of peer workers in
service delivery to provide hope and connection for participants by purposefully drawing on their lived
experience to support others.
An investment in the Resolve SBB is expected to deliver competitive financial returns to Noteholders over
its term. Coupon Payments and the repayment of Subscription Amounts are linked to the performance
of the Resolve Program, which is measured by the reduction in the consumption of health services by the
Intervention Group relative to a Control Group.
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