IDT Australia (ASX:IDT) finalized the settlement of a AU$20 million asset-based loan facility with Scottish Pacific Business Finance, according to a Friday Australian bourse filing.
The facility carries an interest rate of 10.60% per annum, based on Scottish Pacific's variable base rate of 8.35% plus a 2.25% margin.
It has an initial term of 36 months, with the potential to roll into an ongoing term, subject to mutual agreement. It is secured against a portfolio of the firm's assets, including property, equipment, and receivables.
The facility will allow the firm to support its sales pipeline and capitalize on recent contracts, the filing added. It replaces its current AU$4.7 million facility with the National Australia Bank(ASX:NAB).
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