News and Announcements
Crowd Mobile Executes Term Sheet for Mezzanine Debt Financing
- Published September 08, 2015 12:09PM UTC
- Publisher Wholesale Investor
- Categories Company Updates
8th September 2015, ASX Announcement
Crowd Mobile (ASX: CM8 & FWB-XETRA: C3) is pleased to announce that it has executed a term sheet with a San Francisco based private equity firm with respect to the provision of mezzanine debt financing for the purpose of funding the Track Holdings (“Track“) acquisition.
Whilst the detailed terms of the facility are confidential, the key points are summarised below:
- Facility amount is for EUR 5m [AUD $8m];
- The facility is a term loan with a 3 year maturity;
- After an initial 6-month interest-only period, principal and interest payments will commence; and
- The facility will rank behind the senior debt facility.
This EUR5m [AUD$8m] is in addition to the previously announced EUR 9m [AUD $14.5m] debt facility announced by the Company on 25 August 2015.
Commenting on the executed term sheet, Chief Executive Officer Domenic Carosa said;
“We are pleased to have executed a flexible and competitively priced financing package. This is a significant step forward as Crowd Mobile moves closer to finalising the Track acquisition.
To read the full announcement, please click here.
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