Move Logistics finalises funding with ANZ, Pacific Invoice Finance

Transport and logistics group, Move Logistics, is finalising new funding arrangements with ANZ Bank and Pacific Invoice Finance.

The company has obtained ANZ's support to extend the tenure of its facility for an additional 12 months until Aug 31 2025.

The extended facility will have amended covenants aligned to expected performance.

Move Logistics is currently in the process of documenting the amended arrangements with ANZ.

In addition, the company is in the midst of entering into a new funding agreement with Pacific Invoice Finance.

This agreement would provide up to $21 million for a minimum term of 18 months, with the option to extend it to $25m subject to shareholder approval.

The funds from Pacific Invoice Finance will be used to pay down the ANZ facility to approximately $20m by Oct 31 2024, as well as for corporate and working capital needs.

Move Logistics expressed confidence in its ability to meet obligations and manage liquidity position with the available cash and debt facilities, along with prudent working capital management.

The company will release its audited financial statements on Aug 29 2024.