Thewest.com.au
Brainytoys secures $15m in loans
6th August 2008, 14:15 WST
The US arm of O’Connor-based Brainytoys has secured two individual loans in the hope of financing larger mass-market orders and receivables from major retailers.
The WA toy company was granted a $10 million one-year flexible credit facility from Colorado-based BeneFactor and $5 million from Los Angeles-based Logistics Finance for its purchase order finance facility.
Brainytoys chief executive Bob Finn said the loans would help the company act on some of the larger orders it had been receiving, as well as meeting the demand the firm had seen building in the second half of the year.
Shares in the company were down 11 per cent to 7.1¢ at close of trade today.
ANDREW HOBBS
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