ZIP needs to refinance more than 60% of its $2.7 bil funding lines during 2024. In 2021 it accessed $1 bil when bank bill swap rates were below 30 points - now they are 4.35%. In 2022 funding costs were $73.8 mil, 2023 $159.6 mil and this year best guess is $220 - $230 mil. The new corporate facility of $150 mil at 15% will be repriced in July.
There is no chance of funding costs easing this year, particularly as the only place to borrow now is from PE
Zip $1 Party, page-2031
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