Pioneer signs $100m facility

Perth-based financial services provider Pioneer Credit has signed a $100 million debt facility with Bankwest and Westpac as it seeks to continue growing its debt portfolio.

The new facility will replace an existing $60 million facility with Bankwest, and contains similar covenants to the previous deal but with a lower price point.

“The senior debt facility is a pleasing development for the company, as it contains covenants on substantially the same terms as the existing facility at a lower price point, and demonstrates the syndicate banks’ confidence in the quality of Pioneer’s operations and purchased debt portfolios,” Pioneer said in a statement.

The new facility will have a three-year term, expiring in November 2019.

Pioneer shares were unchanged at $1.89 each at 11:30am.