Pinnacle extends and increases debt facility to $250m
Key points
- Pinnacle extends existing $100m debt facility with CBA
- Facility limit increased from $100m to $250m
- Provides Pinnacle with greater balance sheet flexibility and 'dry powder' for growth initiatives
Full summary
Pinnacle Investment Management Group Ltd (ASX: PNI) has announced an extension to its existing debt facility provided by the Commonwealth Bank of Australia (CBA) and an increase in the facility limit from $100m to $250m. The $100m facility has been in place since 2021, and the substantial growth in Pinnacle's earnings since that time supports the proportionate increase in the facility limit. Pricing under the extended facility is consistent with the existing arrangements. The extended facility is subject to satisfaction of certain customary conditions precedent. The renewed facility will provide Pinnacle with further balance sheet flexibility and 'dry powder' in support of potential further growth initiatives. Pinnacle is pleased to extend its relationship with CBA.
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