LPE Secures $7.2M Westpac Banking Facility
Key points
- New facility with Westpac totals $7.2M
- Facility consolidates LPE's existing loans
- Lowers cost of debt and extends tenor
- Funds LPE's growth and recurring revenue
Full summary
Locality Planning Energy Holdings Ltd (ASX: LPE) has entered a new $7.2M secured banking facility with Westpac Banking Corporation. The facility comprises three tranches: a $3.0M project funding facility, a $3.7M line of credit, and a $0.5M revolving equipment finance facility. This refinancing is part of LPE's capital management strategy, aiming to reduce the cost of debt, extend the tenor, and simplify funding. The new facility will support LPE's working capital requirements and its growing development pipeline, facilitating the conversion of its growth into recurring revenue.
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