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- Consumer-direct personal lender, Harmoney Corp (HMY), enters into a $20 million debt facility to support loan book growth
- The company has entered into the debt facility through its wholly owned subsidiary Harmoney Australia
- The facility is structured with 60 per cent as term notes and 40 per cent as convertible notes with an exercise price of $2.40
- The facility can be drawn down in three tranches over a nine-month period, with an initial $10 million tranche drawdown December 29
- Shares have been up 1.3 per cent, trading at $1.82
Consumer-direct personal lender, Harmoney Corp (HMY), has entered into a $20 million debt facility to support loan book growth.
Additionally, the company says the facility will assist with underwriting significant further growth in receivables without the need for Harmoney to contribute further equity.
The company has entered into the debt facility through its wholly-owned subsidiary Harmoney Australia.
The facility is structured with 60 per cent as term notes and 40 per cent as convertible notes, with an exercise option of $2.40. The maximum shares that would be issued on conversion of the convertible notes would be around 3.3 million shares.
The company says it has accelerated both the transition to warehouse funding and lending growth in Australia, with overall warehouse lending growing from $194 million in November 2020 to $427 million in November 2021.
The facility can be drawn down in three tranches over a nine-month period, with an initial $10 million tranche drawndown on December 29.
Shares were up 1.3 per cent, trading at $1.82 at 12.35 pm AEDT.
