News and Announcements
Crowd Mobile Enters into Agreement to Refinance Debt
- Published July 01, 2016 5:09PM UTC
- Publisher Wholesale Investor
- Categories Company Updates
30th June 2016, ASX Announcement
Highlights:
- Crowd Mobile refinances its term debt with a new €10.80m (AUD$16.12m) facility at a significantly reduced interest rate of 6.25% (compared to previous rate of 12%).
- The new Facility provides additional funding to assist with growing the business and drive marketing initiatives.
- The Track Vendors have agreed to an extension to their consulting agreements and a 12-month extension to the vendor loan payment to October 2017.
- The business continues to perform materially in line with the March 2016 quarter.
Crowd Mobile Limited (ASX: CM8 & FWB-XETRA: CM3, “Crowd Mobile”, or “the Company”) is pleased to announce that it has secured a senior secured convertible note facility (“Facility”) from a leading US based fund manager (“Lender”) to replace the Company’s existing senior loan facility from its European debt provider. The Company will seek shareholder approval at an Extraordinary General Meeting (“WGM”) to complete the refinancing which is expected to be held on 1 August 2016.
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