Murray Cod Australia (ASX:MCA) signed a AU$43 million funding deal with Westpac Banking Corporation (ASX:WBC, NZE:WBC) with a maturity of three years, according to a Monday filing with the Australian bourse.
The deal consists of a AU$30 million term loan facility, a AU$10 million overdraft facility, and a AU$3 million equipment finance facility, the filing stated. The term loan and overdraft facilities will be secured with a mortgage over land and water interests of the MCA Group.
Funds will be used to refinance and settle the existing AU$20 million facility with iPartners, purchase a property adjoining the company's existing Bilbul site for AU$1 million, fund the completion of Stanbridge, and for other capital working requirements.
Westpac Banking's shares were up almost 1% in recent Monday trade in Australia.
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