July 29, 2010
Leading equipment financier Silver Chef is set to grow its capacity to fund new business after announcing a $74.7 million funding arrangement with Commonwealth Bank.
The Brisbane-based firm says it has fully negotiated the arrangement during an extensive tender process and will now proceed to completion and execution of formal documentation.
Silver Chef Chief Executive Officer Charles Gregory says the funding arrangement means the company will facilitate the ongoing expansion of its business in line with its strategy.
“The new three year funding arrangement with Commonwealth Bank heralds a new phase for Silver Chef,” Gregory says.
“This is a major achievement for Silver Chef. It gives us the capability to expand our presence in the equipment finance market,” he says.
Chairman Allan English (pictured) says he is extremely pleased Silver Chef has secured the arrangement with the top-tier lender.
“We have secured an arrangement that best suits our need to be even more competitive in the market,” English says.
“We are most satisfied with the terms which were negotiated in a competitive tender process,” he says.
The arrangement includes the transfer of the existing interest-rate hedge covering $30 million in borrowings at 6.46 percent.
Silver Chef is the leading supplier of equipment finance to small and medium enterprise in Australia’s hospitality sector using its “Rent-Try-Buy” model.
It is also a major lender to the broader commercial market through its GoGetta brand.
