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- The Market Herald (TMH) reaches the financial close of its facility agreement with the Commonwealth Bank of Australia (CBA), for its acquisition of Gumtree AU
- Through this, TMH completed the repayment and refinancing of its vendor loan note with Gumtree AU seller, Adevinta Oak Holdings
- TMH CEO Tommy Logtenberg says the news “marks a significant step in the growth of the company”
- The refinancing agreement with one of Australia’s major banks was first announced on May 11
- Shares in TMH last traded at 30 cents at 10:50 am AEST
The Market Herald (TMH) has reached the financial close of its facility agreement with the Commonwealth Bank of Australia (CBA) over last year’s acquisition of Gumtree AU.
Through this, the company has completed the repayment and refinancing of its vendor loan note with Gumtree AU seller, Adevinta Oak Holdings.
TMH CEO Tommy Logtenberg said the news is a “significant” milestone in the company’s growth trajectory.
“The completion of the repayment and refinancing of the loan note marks a significant step in the growth of the company, and having a leading bank such as CBA onboard is a testimony of our iconic brands, great team and strong foundations,” he said.
On May 11, TMH announced CBA would provide debt facilities under a new secured facility agreement for a $46 million term loan, a $2 million bank guarantee facility, and a $150,000 corporate charge card facility.
At the time, Mr Logtenberg said the loan note would be refinanced using the company’s existing cash reserves and the proceeds of the term loan facility.
Shares in TMH last traded at 30 cents at 10:50 am AEST.
