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Prospa Declares New Junior Funding Partner

  • December 23, 2019 01:31 PM AEDT
  • Team Kalkine

Prospa Group Limited (ASX: PGL) announced the initiation of a new Junior Funding Partner into one of its Australian Warehouse Facilities that provides small business loans as well as line of credit facilities.

Gold MTF non-AMP

The initial capacity of the Junior Note facility is $20 million and is designed to seamlessly scale up over time as the company extends its Australian operations.

PGL has entered into partnership with top-tier local Junior Funding Partner having deep knowledge of the Australian securitisation market and a long-term interest in supporting Australian small businesses and this Junior Funding Partner has subscribed to Class B Notes in the warehouse facility.

The transaction represents an important component of company’s long-term capital management strategy and will enable PGL to deploy ~17.8 million of capital.

At AEDT 1:15 PM, PGL shares are trading at $1.770, up 4.118% from its previous close.

 


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