Supply @ME Capital PLC New Banking Facility (7718C)

TIDMSYME

RNS Number : 7718C

Supply @ME Capital PLC

13 October 2022

13 October 2022

Supply@ME Capital plc

(the "Company or "SYME", and together with its current subsidiaries, the "Group")

Banco BPM Loan

SYME, the fintech business which provides an innovative fintech platform ("Platform") for use by manufacturing and trading companies to access Inventory Monetisation(c) solutions enabling their businesses to generate cashflow, announces that it has finalised a new unsecured bank loan (the "Banco BPM Loan") for its Italian subsidiary, Supply@ME Technologies S.r.l., with Banco BPM [1] , the third largest banking group in Italy. The Banco BPM Loan will be primarily used for investment in technology , underpinning the SYME Platform.

The key commercial terms of the Loan are as follows:

   --    EUR1m as principal amount ; 
   --    275 basis points over the Euribor interest rate ; and 

-- Repayment over a 5-year term, including the initial six months of interest only repayments, followed by 54 months of combined principal and interest repayments.

The Banco BPM Loan is an important building block of SYME's previously announced Capital Enhancement Plan (please refer to the RNS published on 27 April 2022 for further details), representing a key milestone to enhance the Group's capital structure and to secure financing on terms which are considered more favourable to both SYME and its shareholders.

Alessandro Zamboni, CEO of SYME , said, "We are very pleased to secure this loan facility with Banco BPM, which follows the analysis of the Group's business plan and product suite. This is a key development for the business which will help to lower the cost of capital for the Group."

Contact information

Alessandro Zamboni, CEO, Supply@ME Capital plc, [e-mail]

Paul Vann, Walbrook PR Limited, [phone], [e-mail]

Media

Nicola Louis, MHP, [e-mail]

Notes

SYME and its operating subsidiaries provide its Platform for use by manufacturing and trading companies to access inventory trade solutions enabling their businesses to generate cashflow, via a non-credit approach and without incurring debt. This is achieved by their existing eligible inventory being added to the Platform and then monetised via purchase by third party Inventory Funders. The inventory to be monetised can include warehouse goods waiting to be sold to end-customers or goods/commodities that are part of a typical import/export transaction. SYME announced in August 2021 the launch of a global Inventory Monetisation programme which will be focused on both inventory in transit monetisation and warehoused goods monetisation. This programme will be focused on creditworthy companies and not those in distress or otherwise seeking to monetise illiquid inventories.

[1] Banco BPM Group | Homepage

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October 13, 2022 02:00 ET (06:00 GMT)