Primero Group Ltd (PGX) has formalised new banking facilities to replace and restructure previous funding arrangements and to support its growing position in the market.
Established in 2011 as a multi-disciplinary engineering group, Primero company strategy has been developed around three key services; design, construct and operate.
This strategy has seen Primero go from strength to strength as the company continues to expand its client base with major ASX and privately listed companies. Primero’s involvement in both the growing battery minerals sector and the renewable energy sector is what makes it unique in the market and provides a competitive advantage.
As a major player, Primero are well underway in the construction phase of the Barker Inlet Power Station in South Australia, which is expected to be completed in September 2019. The Power Station will comprise of new, responsive technology that is more fuel efficient and less carbon intensive when compared to existing plants of its kind in Australia.
Primero’s strong position in the market, along with continual business success through the award of new projects, were catalysts for the requirement of new banking facilities to support its growth needs.
“The ability to fund growth and having a strong lender to enable that, is a critical part of any business.” Cameron Henry, Managing Director at Primero.
“Our relationship with Craig Ruthven and the team at Ledge created the opportunity to seek out the best long-term strategy for Primero, and by utilising their advisory and relationships, a solution was successfully crafted.”
“The process was well run and seamless from start to finish and we look forward to this next phase of Primero’s business growth”.
Ledge Finance Ltd is proud to have served as the facilitator and manager of the competitive $20m banking tender and selection process, through to financial close.
“After identifying Primero’s requirements, Ledge ran a competitive tender process with five major lenders. This included an initial presentation to the lenders to obtain indicative terms” Craig Ruthven, Ledge Finance Executive.
“A set matrix of parameters to be measured including, facilities and limits, terms & conditions, securities, financial covenants, reporting covenants to mention a few, were bench marked across the market, resulting in two lenders being selected to meet with the client before selecting the preferred lender.”
Ledge has operated for circa 40 years, specialising in tailoring finance solutions for a large commercial and corporate client base. One of the markets leading finance facilitators, Ledge places a strong emphasis on finance and commercial risk mitigation, something that is particularly critical in the changing market.