TradeWindow lender waives covenant

MARKET RELEASE

10 NOVEMBER 2023

TradeWindow lender waives covenant

TradeWindow (NZX: TWL), the global trade software business, today announces its lender ASB Bank has extended the interim waiver on a lending covenant breached because of the nChain deal being delayed.

TradeWindow and ASB Bank are working together to restructure the $1.1m debt facility to support the long-term stability of the business. Pending the achievement of conditions met by 30 November, the Company will have the debt covenant waived until 30 June 2024, this provides TradeWindow the time needed to execute the reorganisation and cost reduction strategy.

TradeWindow is continuing to assert its rights under the nChain strategic agreement and is in positive dialogue with the UK company. It is meanwhile continuing, as previously signalled, to explore multiple options to reduce costs, continue additional funding discussions and accelerate EBITDA breakeven.

It will update shareholders and its people as the company gains certainty from all its cost cutting measures. TradeWindow intends to release its financial results for the six months to the end of September on Wednesday 29 November 2023. The company will host a webcast at 11am on the same day.

AJ Smith
Executive Director and Chief Executive Officer
ENDS

About TradeWindow:
Founded in December 2018, TradeWindow is an NZX-listed software company that provides digital solutions for exporters, importers, freight forwarders, and customs brokers to drive productivity, increase connectivity, and enhance visibility. TradeWindow’s software solutions integrate to form a cohesive digital trade platform that enables customers to more efficiently run their back-end operations, share information and securely collaborate with a global supply chain made up of customers, ports, terminals, shipping lines, banks, insurance companies, and government authorities.

www.tradewindow.io

Further information:
Investors
Andrew Balgarnie
TradeWindow
+64 27 559 4133

Media
Richard Inder
The Project
+64 21 645 643

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Announcement PDF