Wednesday 29th December 2021
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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.”
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