Beforepay secures a new A$55 million, 3-year debt facility

Beforepay secures a new A$55 million, 3-year debt facility

ASX-listed Beforepay Group have announced that it has secured a new debt facility for A$55 million.

Beforepay Finance, a subsidiary of Beforepay, has entered into the debt facility agreement with Balmain Group and Longreach Credit Investors as lenders.

The new debt facility will be used to refinance the existing debt facility with Longreach and to support continued growth in Beforepay’s loan book.

The terms of the new facility agreement include a A$55 million facility over a 3 year term (A$35 million from Longreach Credit Investors and A$20 million from Balmain Group) with the potential to extend the total facility size in a future period

With A$21.8 million of cash on its balance sheet and a A$26.8 million equity position as at 30 June 2023, Beforepay remains well-capitalised for the future. The increased capacity in the new debt facility will support significant top-line growth.

Beforepay CEO Jamie Twiss said, “We’re excited to extend our partnership with Longreach and to be working with Balmain. This new debt facility supports our continued growth in the years ahead, as we continue to execute our strategy, helping more Australians access safe and affordable financial products.”