TIL Logistics refinances bank debt
TIL Logistics Group Limited (NZX: TLL) is pleased to confirm the re-establishment of its relationships with ANZ Bank New Zealand Limited and UDC Finance Limited as its financing partners going forward.
New facilities with ANZ and UDC Finance Limited will be used to replace TLL’s existing bank debt to ASB Bank Limited, and for general corporate, vehicle finance and working capital requirements.
The new funding arrangements offer improved terms and a longer tenure.
Chairman Trevor Janes commented: “ANZ was TIL’s banking relationship historically before the public listing in 2017 and has a deep understanding of the industry and the company. We are pleased to be partnering with them as we work towards achieving our goal of being one of the leading transport and logistics providers in New Zealand and beyond.”
The new facilities include:
• A term debt facility with ANZ of $27.5 million for a three year term, which amortises at the rate of $3.75 million per annum (unless agreed otherwise) as well as other ancillary banking facilities; and
• An asset finance facility with UDC of $37.5 million for a five year term.
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