Wellington Drive Technologies (“Wellington”) is pleased to announce it has accepted the offer of a trade finance facility from the BNZ. The facility is for NZ$1.5 million, secured against customer invoices, and the funds available will be used for general working capital purposes. Interest payable on the facility is at the BNZ base rate at the time of any drawdown, plus a margin of 300 basis points. The facility has no expiry, but the facility limit can be reduced by the bank at any time and an EBITDA gross interest covenant applies.
Wellington CEO, Greg Allen commented “We are pleased to have secured bank lending for the business. This is a very positive development for the company and shows how we continue to strengthen our business and risk profile. This facility will help support Wellington’s future development via lower cost funding.”