Aquaculture business Murray Cod Australia has secured AUD 43 million ($27.1m) in finance from bank Westpac and finalized the purchase of a property next to its Bilbul site in New South Wales, reports Finance News Network.
The funding package includes an AUD 30m term loan, an AUD 10m overdraft facility, and an AUD 3m equipment finance facility. The company said the funds will be used to refinance an existing AUD 20m facility with iPartners, support the purchase of the new property, complete capital works at its Stanbridge grow-out site acquired in 2023, and boost working capital to grow fish stocks for future harvests.
Ross Anderson, CEO, described the arrangement as "a great funding solution for our company." He added that the new facilities, along with the firm's AUD 20.4m equity raise in June, provide the company with "strong financial capabilities to execute on our strategy."
The purchased land is a 10.15-hectare irrigated property adjacent to its Bilbul site bought for AUD 1m. The property will offer space for the expansion of the firm's facilities, it said.
Murray Cod Australia is a vertically integrated aquaculture company that grows the "Aquna Sustainable Murray" cod brand.
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