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Pureprofile to replace existing debtor finance facility with short-term loan

26 June, 2019 

Posted at 3:26 pm 

by Pureprofile 

Key Points

  • Pureprofile’s existing debtor financing provider has scaled back its operations.
  • As a result, the volume of funding, which the Company receives under its existing debtor finance arrangement has reduced.
  • The Company is in the process of arranging a new debtor financing facility.
  • In the interim, the Company has secured a short-term ‘bridging’ loan to support the difference in funding.
  • The new loan will not materially impact the Company’s existing level of debt or interest payments.

Pureprofile Limited (ASX: PPL or the Company) wishes to advise it has started the process of transitioning from its current debtor financing arrangement with Interface Financial Group (IFG) to a new debtor financing facility.
The transition has been necessitated as a result of IFG scaling back its operations. This has resulted in a reduced volume of funding on the Company’s invoices / receivables.
Whilst the Company is in the process of arranging a new debtor financing facility, it has secured a new short-term ‘bridging’ loan (the Loan) on substantially similar terms to its current debtor financing arrangement.
Key terms of the additional Loan are as follows:

    • Drawdown: up to $2.6 million at the lender’s discretion;
    • Maturity date: 15 October 2019;
    • Interest rate: 20% p.a. capitalised and compounded monthly; and
    • Amortisation: the difference between initial funding from incoming debtor finance provider and final pay-out to IFG to be applied against the principal of the Loan.

As the purpose of the Loan is to support the difference in funding, which in the past would have been received from IFG, the Loan will not materially impact the Company’s existing level of debt or interest payments.

– ENDS –

For further information, please contact:

George Kopsiaftis

IR Department
george.kopsiaftis@irdepartment.com.au
+61 409 392 687

About Pureprofile

Pureprofile’s vision is to deliver more value from the world’s information.

We are a global data and insights organisation providing industry-leading online research solutions to agencies, marketers, researchers and brands & businesses.

Our research delivers rich insights into real human behaviour and provides the “Why” behind the “What” through our unique ResTech and SaaS solutions.

We build in-depth profiles of consumers via our proprietary and partner panels and give businesses the ability to understand, target, and ultimately engage with their audiences.

The Company, founded in 2000 and based in Surry Hills, Australia, now operates in North America, Europe and APAC and has delivered solutions for over 850 clients.

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