AoFrio (NZE:AOF) obtained a NZ$5 million increase to its trade finance facility with the Bank of New Zealand (BNZ), doubling the loan to NZ$10 million, according to a Thursday filing with the New Zealand bourse.
The interest rate margins and banking covenants are unchanged. However, covenants are required to be tested every six months instead of annually, per the filing.
The company said the loan will provide working capital flexibility.
As of March 31, cash in the bank was NZ$4.6 million, and the BNZ trade finance facility was drawn to NZ$3.9 million, the filing stated.
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