More financial flexibility

In addition to the recently completed oversubscribed $2.25 million share placement, Parkway Corporate (ASX: PWN, FSE: 4IP) has secured a credit facility of up to $4 million from a specialised private debt fund as announced. Parkway now has a total capital base of around $6.25 million. The term loan was financed with Amal Security Services Pty Limited as trustee for the Causeway Wholesale Private Debt Master Fund. Causeway is a boutique private debt and alternative investment manager with approximately $600 million in assets under management and advice. The firm has more than two decades of experience in providing private debt to emerging companies.

The successful completion of the financing package represents an important milestone in Parkway’s development and will support the acceleration of numerous strategic growth initiatives.

The loan facility consists of a $3 million senior secured term loan facility and a separate $1 million acquisition facility to support potential future acquisitions. The initial loan term is 2 years, with the option to extend the credit facility for an additional 12 months at Parkway’s option.

Capital for growth

Evolution Capital acted as sole arranger and advisor for the establishment of the Term Loan Facility and will receive an arranger fee of 2.5% of the funds raised (assuming full drawdown) and payable at the time of drawdown.

Managing Director Bahay Ozcackmak commented: “With the acquisition of Tankweld, we have created a growth platform that enables us to offer turnkey industrial solutions for both conventional and more innovative (Parkway technology based) project applications. The acquisition of Tankweld has not only expanded our project delivery capabilities, but also the size of our operating business and therefore the corresponding working capital requirements. As an emerging company with ambitious growth plans, it is important to have access to growth capital, including in the form of debt. This also gives our various partners and customers confidence in our abilities. In this respect, the expansion of our capital base is an important milestone that will support our further growth. Access to the capital markets allows us to explore ambitious project structures with our partners and customers, including potential build-own-operate strategies. Over time, as our business continues to grow, we expect to further expand and consolidate our working capital facilities with larger and more cost-effective options.”

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