MONEYME secures A$125m funding facility with iPartners
| Stock | Moneyme Ltd (MME.ASX) |
|---|---|
| Release Time | 18 Dec 2024, 9:32 a.m. |
| Price Sensitive | Yes |
MONEYME secures A$125m funding facility with iPartners
- MONEYME has secured a new A$125 million corporate funding facility
- The new facility will refinance MONEYME's existing corporate debt and enable significant loan book growth
- The funding partnership with iPartners is significant for MONEYME and supports its strategic objectives
MONEYME Limited ('MONEYME' or 'Group') has formed a strategic funding partnership with one of Australia's leading alternative asset investment platforms, iPartners Pty Ltd ('iPartners'). MONEYME has secured a new A$125 million corporate funding facility which will replace its existing facility on substantially better commercial terms. The new facility will refinance MONEYME's existing corporate debt, originally maturing in November 2025 with no early payment costs, while also enabling significant loan book growth and providing general working capital for the Group. The initial drawdown on the facility will be A$65 million, with a further A$60 million available on an uncommitted basis. Settlement of the new facility with iPartners is expected to occur on Friday 20 December 2024, subject to satisfaction of customary conditions precedent. MONEYME's Managing Director and CEO, Clayton Howes, stated that this funding partnership with iPartners is significant for MONEYME and supports its strategic objectives. The 2.5x larger facility, at a greatly reduced funding cost, and without dilution to shareholders, will unlock significant incremental growth opportunities for the Group and support its continuing growth strategy in 2025 and beyond. iPartners Co-Founder and CEO, Travis Miller, expressed excitement about the partnership and their desire to help MONEYME achieve its next phase of growth.
The new A$125 million corporate funding facility with iPartners will enable significant loan book growth and support MONEYME's continuing growth strategy in 2025 and beyond.