Wiseway Secures Additional $3 Million Term Facility
Wiseway Group Limited (ASX: WWG), a prominent integrated freight and logistics operator, has strengthened its financial position by securing an additional $3 million term facility from National Australia Bank. This increases the total facility to $11.1 million, reflecting the company’s ongoing financial improvements and growth trajectory.
Interest Rate Reset to Lower Levels
As part of this financing arrangement, the interest rate on the full facility has been reduced by approximately 90 basis points. This reduction highlights the confidence of Wiseway’s financing partner in the company’s financial stability and performance.
Extended Maturity Date Provides Long-Term Flexibility
The maturity date for the entire facility has been extended to October 2028, offering Wiseway enhanced financial flexibility. This extended timeline ensures sustained support for the company’s strategic initiatives and growth plans.
Chipping Norton Property Underpins Financial Security
The facility remains secured against Wiseway’s assets, including its Chipping Norton property. Acquired in 2019 for $10.75 million, the property’s current market valuation stands at $18.6 million, as per bank assessments. This significant appreciation underscores the company’s strong asset base.
Funding to Drive Import Division Growth
The additional funding will primarily support Wiseway’s working capital needs, particularly for its Imports division, which is on track to achieve over 50% revenue growth in the first half of FY2025. Focused on handling and customs clearance services, the Imports division is poised to expand into new freight arrangements, further strengthening its market position.
Advancing Strategic Growth Objectives
This facility expansion aligns with Wiseway’s broader strategy to capitalize on emerging opportunities, bolster its financial foundation, and deliver consistent value to shareholders. The favorable terms secured in this agreement signify another milestone in Wiseway’s growth journey.
For further details, visit the company’s official website at www.wiseway.com.au.
