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- Traffic Technologies (TTI) refinances its working capital facilities to allow flexibility for the next stage of growth
- The company has partnered with Melbourne-based Timelio for $8 million debtor and trade finance facilities
- The facilities will have a base discount rate of 7.3 per cent per annum, no fixed term expiry, and will continue to revolve at TTI’s discretion
- The refinancing follows a capital raising of $7.19 million and repayment of $6 million in debt to ADM Capital late last year
- Shares are trading flat at 2.5 cents each
Traffic Technologies (TTI) has refinanced its working capital facilities to allow flexibility for the next stage of growth.
The company has partnered with Melbourne-based Timelio for $8 million debtor and trade finance facilities.
The facilities will have a base discount rate of 7.3 per cent per annum, no fixed term expiry, and will continue to revolve at TTI’s discretion.
The company previously had a $7 million loan facility with ADM Capital.
The refinancing follows a capital raising of $7.19 million and repayment of $6 million in debt to ADM Capital late last year.
Timelio was founded in 2015 and has the financial backing of Goldman Sachs. It uses technology to provide innovative working capital solutions and has paid over $1.8 billion against invoices and purchase orders since inception.
Managing Director Con Liosatos said the new facility will assist in the company’s growth.
“The new facilities with Timelio provide greater and extremely flexible working capital requirements to fund the next stage of the company’s growth following significant term contract wins announced in late 2021,” he said.
Shares were trading flat at 2.5 cents each at 2:00 pm AEDT.
