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QuickFee Limited (ASX:QFE) (“QuickFee”) today announces it has partnered with Northleaf Capital Partners (“Northleaf”), a global private markets fund manager, for a new USD70 million asset-backed receivables financing facility to fund QuickFee’s future growth across the USA and Australia.

Key highlights of the funding partnership:

  • US$70 equivalent multi-currency million receivables facility
    • US$40 million committed first lien facility, consisting of a US$5 million revolver and a $35 million term loan;
    • An additional optional US$30 million accordion feature subject to Northleaf’s approval;
    • Attractive interest rates (7.25% p.a. until November 2022; 6.50% p.a. thereafter)
  • New facility increases QuickFee’s funding availability by over 250% in anticipation of substantial growth in volume across its two core lending lines of business: traditional accounting and law financing; and BNPL for services businesses
  • The new 4-year asset-backed facility will replace the current A$25 million facility backed by the Australian receivables book.
  • Advance rate of up to 90% of receivables.

Commenting on the new funding facility, QuickFee CEO Eric Lookhoff said:

I am delighted to be partnering with Northleaf Capital and incredibly excited that they will be supporting the scaling of the QuickFee business in both the USA and Australia.

Quickfee has continued its encouraging start to FY22 after a pleasing first quarter, where the Company saw substantial expansion in all of its go-to market channels, as well as a recovery in lending in Australia. The additional funding provides QuickFee increased liquidity in the medium term as the Company continues to expand in its key accounting markets, and accelerates its growth across its BNPL offering in the services sector.

We look forward to sharing more on the facility and progress on our strategy, at our investor day on Friday, 19 November.

QuickFee was advised on the transaction by D.A. Davidson & Co., a US-based full-service investment bank.

This announcement has been authorized for release by the directors.