Digital payments and financial services provider Findi (ASX:FND) announced it has received binding commitments for a $25 million institutional placement to sophisticated and institutional investors.
The capital raise is designed to strengthen the balance sheet and support its growth strategy.
The placement satisfies the condition precedents of refinancing term sheets to facilitate the refinancing of the TSI balance sheet, unlocking cash while materially reducing gross debt and interest costs.
Findi Executive Chairman Nicholas Smedley said, “This capital allows us to refinance and optimise the TSI balance sheet, unlock cash, materially reduce gross debt and interest costs, and avoid the dilution that would have occurred under the previously proposed Nova transaction."