NEXION Group Ltd announced private placement for gross proceeds of AUD 21 million from new lender Parc Capital Pty Ltd on May 10, 2023. The company has executed a term loan agreement with lender. The company will receive funding in multiple tranches with first drawdown of up to AUD 4 million.

The agreement consists of facility A & facility B, a total commitment of $21M. The facility A commitment of AUD 4 million is for a term of 36 months, with an establishment fee of 3.33%, and a nonutilisation line fee of 3% + BBSW. The drawdown of facility A is conditional upon an equity raise of at least AUD 3 million.

The company may seek a further commitment of up to AUD 17 million from PARC. On commitment an establishment fee of 3.0% is payable and a line fee of BBSW + 1.5%. The interest rate of each facility is BBSW + 10.5% on the drawn amount.