EROAD Limited announced it has refinanced and increased its debt facilities. EROAD has entered into a three-year debt facility with ANZ and Bank of New Zealand. Total committed syndicated facilities amount has increased from $59.9 million to $90 million which includes $30 million of term debt, $55 million revolving credit facility and a $5 million working capital facility.

The new facility is predominantly for the purpose of funding future organic growth capital requirements. In addition, amounts drawn under previous facilities have been refinanced into new term debt facilities. Amounts drawn under existing facilities on the date of refinancing amounted to $29.9 million.