Sharechat Logo

Harmoney Corp Limited (NZX: HMY) HMY Signs A$20m Corporate Debt Facility

Wednesday 29th December 2021

Text too small?

Harmoney Corp Limited (ASX/NZX: HMY ; “Harmoney” or “the Company”) is pleased to announce that it has entered into a A$20 million corporate debt facility through its wholly-owned subsidiary, Harmoney Australia Pty Ltd, to support Harmoney’s accelerating Australian receivables book growth.

In October 2021 Harmoney announced its inaugural ABS transaction, with the top tranche carrying a Moody’s AAA rating, and halving the capital support required by Harmoney compared to its prior warehouse facilities. Building on that achievement, Harmoney has now secured this A$20 million corporate debt facility which will primarily be used to fund the junior notes in Harmoney’s warehouse funding structures, underwriting significant further growth in receivables without the need for Harmoney to contribute further equity.

Since the IPO in November 2020, Harmoney has accelerated both the transition to warehouse funding and lending growth in Australia, with overall warehouse lending growing from $194million in November 2020 to $427million in November 2021.

The facility is arranged and funded by OneVentures together with Viola Credit. It is structured with 60% as term notes and 40% as convertible notes with an exercise price of A$2.40. The maximum shares that would be issued on conversion of the convertible notes would be 3,333,333. The facility can be drawn down in three tranches over a nine-month period, with an initial A$10 million tranche drawdown today.

Commenting on the facility, David Stevens, Harmoney’s CEO & Managing Director said:

“Harmoney’s continued capability to access corporate lending markets to support funding growth of our warehouse facilities is a real testament to the quality of our loan book and underwriting. Additionally, it highlights the capital efficiency and scalability of our consumer-direct lending model, underpinned by our Stellare platform. We are excited that OneVentures and Viola Credit recognise this growth potential and are partnering with us to deliver it.”

Please see the link below for details

HMY signs A$20m corporate debt facility

Source: Harmoney Corp Limited

  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

ArborGen Holdings Limited (NZX: ARB) Updates Market on FY22 Guidance
My Food Bag Group Limited (NZX: MFB) Q3 FY22 Trading Update
ikeGPS Group Limited (NZX: IKE) signs $0.9m deal with tier-1 electric utility
Tower Limited (NZX: TWR) Update on Tonga Volcanic Eruption and Tsunami Event
21st January 2022 Morning Report
Trade Window Holdings Limited (NZX: TWL) TradeWindow and Mastercard teams up
Genesis Energy Limited (NZX: GNE) FY22 Q2 Performance Report
Seeka Limited (NZX: SEK) Seeka announces dividend of 13 cents per share
20th January 2022 Morning Report
Z Energy Limited (NZX: ZEL) Q3FY33 Operating Data