Intelligent Monitoring Group (ASX:IMB) entered into an up to AU$122.5 million loan facility with the National Australia Bank (ASX:NAB) as it plans to redeem its existing facility, according to a Tuesday filing with the Australian bourse.
The new loan consists of a replacement term debt facility, a new acquisition facility, and a bank guarantee facility. It bears a 7% interest rate, down from 15% for the existing acquisition facility, per the filing.
As a result, the company expects to lower its interest expense by over AU$6.5 million per annum, the filing said.
The new loan is expected to be implemented by March.
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