MyEco Group (ASX:MCO) entered into a AU$1 million secured debt facility with Tradeplus24 to help fund its working capital
requirements, according to a Friday Australian bourse filing.
The facility will allow MyEco to meet future sales growth expected in the second half of the fiscal year.
The drawn amount under the facility cannot exceed 80% of eligible trade receivables held by Cardia Bioplastics Australia, a wholly-owned unit of MyEco.
The facility is payable on Feb. 28, 2026, and carries an interest rate of 12.3176% per annum currently, with a portion tied to the 30-day bank bill swap rate bid rate as at midday on the first working day of each month plus a fixed margin of 8%.
It is secured by a security interest over Cardia Bioplastics Australia's trade receivables and all of MyEco's assets, a deed of subordination over Cardia Bioplastics Australia's intercompany loans, and MyEco's guarantee of the performance of Cardia Bioplastics Australia's obligations.
The firm's shares rose 9% on market close on Friday.
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