May 24 (Reuters) - ZipMoney Ltd (ZML)
- ZipMoney closes $260m facility led by national australia bank
- new facility will have a 2-year tenure and result in a significantly lower average cost of funds of approximately 5% on a fully drawn basis
- facility will have a material positive impact on company's future profitability and help drive towards breakeven guidance in fy18.
- will immediately re-finance approximately $70 million of existing receivables into new nab facility with no prepayment cost
- refinancing will deliver an immediate material reduction in interest expense to company.
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