Murray Cod Australia secures $43M deal for expansion and projects
Full story: https://grafa.com/news/agriculture-murray-cod-australia-secures--43m-deal-for-expansion-and-projects-332235
Murray Cod Australia (ASX:MCA) announced financial development, securing a $43 million funding deal with Westpac (ASX:WBC).
The extensive finance package includes a $30 million term loan facility, a $10 million overdraft facility, and a $3 million equipment finance facility.
This funding package aims to optimise the company's operational and capital projects.
MCA plans to allocate the funds towards several key initiatives: refinancing an existing $20 million facility with iPartners, acquiring a property adjacent to the Bilbul site, completing Stanbridge and other capital works, and supporting ongoing working capital needs.
The facilities are expected to be established by the end of December, with the term loan having a maturity of three years.
In addition to the funding arrangement, MCA has signed an agreement to purchase an adjoining property at the Bilbul site near Griffith, New South Wales, for $1 million.
Comprising 10.15 hectares of irrigated land, the site will facilitate the company’s planned expansion.
CEO Ross Anderson noted, "This is a great funding solution for our company and follows a thorough due diligence undertaken by a major Australian bank. The lower interest rates furnished by Westpac should provide interest savings of more than $1 million per annum on the existing debt."
Murray Cod Australia, a leader in sustainable fish farming, continues to strengthen its financial position and strategic expansion.
At the time of reporting, Murray Cod Australia's share price was $0.14.
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