May 23, 2017 / 11:33 PM / 3 months ago

BRIEF-ZipMoney announces completion of a asset-backed securitisation warehouse program

May 24 (Reuters) - ZipMoney Ltd

* ZipMoney closes $260m facility led by national australia bank

* new facility will have a 2-year tenure and result in a significantly lower average cost of funds of approximately 5% on a fully drawn basis

* facility will have a material positive impact on company's future profitability and help drive towards breakeven guidance in fy18.

* will immediately re-finance approximately $70 million of existing receivables into new nab facility with no prepayment cost

* refinancing will deliver an immediate material reduction in interest expense to company. Source text for Eikon: Further company coverage:

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