Axactor has today signed an agreement with DNB and Nordea (the Banks) whereby the banks will make a 5th tranche available under the existing loan agreement
Oslo, 5 July, 2017 – Axactor has today signed an agreement with DNB and Nordea (the Banks) whereby the banks will make a 5th tranche available under the existing loan agreement. The 5th tranche will make another EUR 40 million available to the company, and increases the total loan facility with the Banks from EUR 120 million to EUR 160 million.
This 5th tranche will be earmarked for the financing of new NPL portfolios and the Banks have agreed to allow for 100% gearing on the NPLs acquired using this tranche. Furthermore, the Banks have agreed to allow for 100% gearing on NPLs acquired using the remaining portion of the 4th tranche, approximately EUR 22 million, with the condition that approximately 50% of this amount will be repaid as soon as the 5th tranche is made available by the Banks.
The above agreements will in total make another EUR 52 million available for investments in NPL portfolios, up to such time that the refinancing is in place This amount comes in addition to the EUR 24 million already available for NPL investments in Italy. A cap on total LTV for the group remains in place.
As previously communicated the company has already started the refinancing process of its entire loan facility with the Banks and the parties plan to have this process completed within Q3 2017.