- Keytone Dairy (KTD) shares received a boost this morning after announcing it had been granted increased debt facilities totalling A$9.8 million
- The funding is hoped to underpin the company's "strong organic growth initiatives" and build on the momentum achieved over the past financial year
- ANZ (ANZ) upped its trade finance facility with KTD to $2.83 million
- Moneytech facilitated a trade debtor finance facility for A$7 million
- Keytone Dairy shares are up 7.41 per cent and trading at 14.5 cents at 11:08 am AEST
Keytone Dairy (KTD) shares received a boost this morning after announcing it had been granted increased debt facilities totalling $9.8 million.
The funding is hoped to further accelerate growth and strategic initiatives across the company.
Keytone Chief Executive Officer Danny Rotman commented on the new arrangements: "The new and increased debt financing facilities will be deployed to underpin strong organic growth initiatives, new contract wins and a growing sales pipeline in Australia and New Zealand as the Company continues to build on the rapid growth achieved throughout the last financial year.”
KTD received a NZ$1 million (A$944,535) increase on its trade finance facility with ANZ (ANZ), increasing its total available debt financing with the bank to NZ$3 million (A$2.83 million).
In addition, Keytone secured a trade debtor finance facility for A$7 million with Moneytech in its Australian Contract Manufacturing and Brands business.
The facilities are secured against the assets of the respective operational entities within Keytone. Interest rates for the trade finance facilities in New Zealand and Australia are 2.29 per cent and 5.98 per cent per annum respectively.
Keytone Dairy shares were up 7.41 per cent and trading at 14.5 cents at 11:08 am AEST.