Zip Co. completed new funding facilities to enhance its balance sheet, simplify its capital structure, and support ongoing profitable growth.
Key updates include the execution of a $150 million corporate debt facility to refinance existing debt, an incentivised conversion and repayment of $40 million outstanding CVI convertible notes, and a reduction in the outstanding face value of senior convertible notes to $85 million.
It also includes refinancing Australian and US receivables funding for three years and refinancing of receivables funding, extending the facility to March 2025.
The initiatives strengthen Zip's financial position, provide flexibility, and establish a robust platform for future growth.