Smart Parking's financial strategy

Smart Parking (ASX:SPZ) has announced a significant new financial arrangement with HSBC Australia. They have secured a $10 million AUD multicurrency revolving credit facility and a $10 million AUD multicurrency accordion facility. These funds are aimed at general corporate purposes and selected acquisitions, marking a strategic financial move for the company.

Strategic financial developments

Smart Parking (ASX:SPZ) has entered into a new financial partnership with HSBC Australia to secure $20 million in credit facilities. This includes a multicurrency revolving credit and an accordion facility, both designed for general corporate activities and specific acquisitions over three years. These facilities are backed by all asset security from the company and some subsidiaries, adhering to covenants like Net Leverage Ratio, Interest Cover Ratio, and Minimum Tangible Net Worth. The variable interest serves as a strategic tool to bolster the company's cash reserves and debt capacity, paving the way for future growth and opportunities in the parking industry. With a significant global presence, Smart Parking aims to leverage these resources for expansion and innovation, aligning with their corporate strategy.

Executive insights on new facilities

We are pleased to have secured these new facilities with HSBC Australia, which will enhance our cash reserves and increase our debt capacity to support future opportunities.