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- Robotic technology company FBR (FBR) secures a $4 million research and development (R&D) tax loan facility with FC Capital
- The facility is in place until the end of 2024 and has an initial interest rate of 8.5 per cent for the rest of 2022 but will then lower to 8.15 per cent per annum
- Additionally, FBR’s subsidiary Fastbrick Engineering established a lease finance facility, also with FC Capital
- The three-year facility is for $2.3 million to be split equally between FBR’s two Hadrian X construction robots
- Company shares are trading 3.45 per cent lower at 2.8 cents
FBR (FBR) has entered a research and development (R&D) tax loan facility with FC Capital.
The facility allows FBR to draw down either up to 90 per cent of its presently earned R&D tax incentive rebates or $4 million, whichever is lower at the time of draw down.
The facility, in place until December 31, 2024, has an initial interest rate of 8.5 per cent during 2022 which will lower to 8.15 per cent per annum on top of the published one-month bid rate for the Australian Bank Bill Swap Reference Rate which is currently at 0.33 per cent.
It also comes with a one-off 1.5 per cent establishment fee and a 3 per cent line fee per annum.
In addition, the robotic technology company’s subsidiary Fastbrick Engineering established a lease finance facility with FC Capital.
The finance facility comprises $2.3 million to be split equally between FBR’s two Hadrian X construction robots.
The facility has a three-year term and a 40 per cent “balloon” payment at the end of the term.
FBR said the establishment of the finance facility is the first time it has had lease finance over the Hadrian X robots.
The company noted the facility is on top of a construction financing facility secured in March that offers financing for houses built by construction robots.
Hadrian X is a bricklaying robot that FBR claims builds structural walls faster, safer and with less wastage that traditional methods.
Company shares were trading 3.45 per cent lower at 2.8 cents at 1:29 pm AEST.
