MOVE Logistics Group (ASX:MOV, NZE:MOV) finalized funding with ANZ's (ASX:ANZ, NZE:ANZ) New Zealand arm and Pacific Invoice Finance, according to a Wednesday filing with the Australian and New Zealand bourses.
The freight and logistics company will receive up to NZ$21 million from Pacific Invoice for a minimum of 18 months, the filing stated. With shareholder approval, the amount can increase to NZ$25 million.
Funding will pay down a debt facility of NZ$20 million with ANZ by Oct. 31 and will be used for corporate and working capital, according to the filing.
ANZ's shares slipped almost 1% in recent Wednesday trade in New Zealand.
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