Join our daily newsletter At The Bell to receive exclusive market insights
- Secondhand retail company Cash Converters (CCV) has renewed its loan securitisation facility with Fortress Investment Group for a four year maturity term
- The board considered a number of funding proposals, but this was determined to be the best option strategically and commercially
- The renewal starts today, with $150 million in drawdown capacity maintained and improved advance rates
- Company shares have ended the day 2.17 per cent higher at 23.5 cents
Cash Converters (CCV) has renewed its loan securitisation facility with Fortress Investment Group for a four year maturity term.
The board considered a number of funding proposals, but this was determined to be the best option strategically and commercially.
The renewal starts today, with $150 million in drawdown capacity maintained and improved advance rates.
The secondhand retail company said renewing the facility ahead of the expiry allowed it to lock in competitive terms with extended tenor.
Managing Director Sam Budiselik said the renewal will allow the company to pursue its strategic initiatives.
“We are pleased to continue our relationship with Fortress as a long-term funder, particularly given the growth in our loan book, reaching an unaudited gross value of over $211.3 million at May 31, up 20 per cent on the prior comparative period,” he said.
Shares ended the day 2.17 per cent higher at 23.5 cents.
