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FlexiGroup Announces Significant New Funding Facility

30 Jun 2017  |  15:20:00  |  Associate analysts  |  Increase  |  Decrease  |  

Original announcement: FXL Announces Significant New Funding Facility

FlexiGroup announced the completion of a new $550m funding facility with a major US bank with extensive global operations. The Group has been able to secure this funding based on its scale, reputation, processes and compliance record and was subject to thorough due diligence. The facility has been put in place to fund both the existing portfolio of the Company's Australian Cards business as well as providing for the continued growth in the business. The facility will replace existing funding facilities for the Australian Cards portfolio. The new facility will have an initial 3 year term and be effective from 30 June 2017 with the potential for it be expanded to meet the growth of the Australian Cards business and to be extended beyond the initial term.

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