Supply @ME Capital PLC New Banking Facility (7718C)
13 Ottobre 2022 - 8:00AM
UK Regulatory
TIDMSYME
RNS Number : 7718C
Supply @ME Capital PLC
13 October 2022
13 October 2022
Supply@ME Capital plc
(the "Company or "SYME", and together with its current
subsidiaries, the "Group")
Banco BPM Loan
SYME, the fintech business which provides an innovative fintech
platform ("Platform") for use by manufacturing and trading
companies to access Inventory Monetisation(c) solutions enabling
their businesses to generate cashflow, announces that it has
finalised a new unsecured bank loan (the "Banco BPM Loan") for its
Italian subsidiary, Supply@ME Technologies S.r.l., with Banco BPM
[1] , the third largest banking group in Italy. The Banco BPM Loan
will be primarily used for investment in technology , underpinning
the SYME Platform.
The key commercial terms of the Loan are as follows:
-- EUR1m as principal amount ;
-- 275 basis points over the Euribor interest rate ; and
-- Repayment over a 5-year term, including the initial six
months of interest only repayments, followed by 54 months of
combined principal and interest repayments.
The Banco BPM Loan is an important building block of SYME's
previously announced Capital Enhancement Plan (please refer to the
RNS published on 27 April 2022 for further details), representing a
key milestone to enhance the Group's capital structure and to
secure financing on terms which are considered more favourable to
both SYME and its shareholders.
Alessandro Zamboni, CEO of SYME , said, "We are very pleased to
secure this loan facility with Banco BPM, which follows the
analysis of the Group's business plan and product suite. This is a
key development for the business which will help to lower the cost
of capital for the Group."
Contact information
Alessandro Zamboni, CEO, Supply@ME Capital plc,
investors@supplymecapital.com
Paul Vann, Walbrook PR Limited, +44 (0)20 7933 8780,
paul.vann@walbrookpr.com
Media
Nicola Louis, MHP, Nicola.Louis@mhpc.com
Notes
SYME and its operating subsidiaries provide its Platform for use
by manufacturing and trading companies to access inventory trade
solutions enabling their businesses to generate cashflow, via a
non-credit approach and without incurring debt. This is achieved by
their existing eligible inventory being added to the Platform and
then monetised via purchase by third party Inventory Funders. The
inventory to be monetised can include warehouse goods waiting to be
sold to end-customers or goods/commodities that are part of a
typical import/export transaction. SYME announced in August 2021
the launch of a global Inventory Monetisation programme which will
be focused on both inventory in transit monetisation and warehoused
goods monetisation. This programme will be focused on creditworthy
companies and not those in distress or otherwise seeking to
monetise illiquid inventories.
[1] Banco BPM Group | Homepage
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END
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