- MoneyMe (MME) confirms $25 million of debt funding from Pacific Equity Partners
- The transaction will materially contain the same terms as its existing $50 million facility established in September 2021
- New funding will be used to support the acquisition of SocietyOne and associated transaction costs
- Shares in MoneyMe dropped 0.61 per cent at $1.64 per cent to end the trading day
The funding commitment will be on materially the same terms as its $50 million corporate facility that MoneyMe established in September last year.
The $25 million funding matures in November 2025 as documented under a Syndicated Facility Agreement.
The new funding will be used to support the acquisition of SocietyOne and associated transaction costs.
MoneyMe’s Managing Director and CEO Clayton Howes said that the additional funding is “very pleasing” and the “great relationship” the company has with PEP “continues to strengthen”.
“[The transaction] demonstrates our ability to access funding from multiple sources, and with our cash revenue we are in a good position to continue to fund our growth plans,” he said.
The settlement of the PEP facility is expected to occur in March 2022 to coincide with the completion of the acquisition of SocietyOne.
Gilbert + Tobin acted as MoneyMe’s legal advisor in relation to the transaction.
Shares in MoneyMe dropped 0.61 per cent at $1.64 per cent to end the trading day.