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Tritium stitches up debt funding ahead of $2 billion merger

Business

Brisbane based fast-charging company Tritium has struck a $US90 million ($A126 million) refinancing deal with Cigna Investments and Barings LLC.

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Tritium plans to use the proceeds from the facility to refinance two prior financings led by Cigna and other company debt.

The deal comes ahead of Tritium’s merger with a Special Purpose Acquisition Company, Decarbonization Plus, and a listing on the US Nasdaq index, expected early next year.

Tritium has also unveiled a next generation charging station which will allow for greater scaling capacity at charging stations.

It said the new debt package would extend the availability of funds past the close of the proposed merger to 2024.

Chief executive Jane Hunter said the support by Cigna and Barings to deliver the $US90 million facility had “come at just the right time, supporting new customer partnerships and shareholders ahead of our upcoming business combination with DCRN.

Chief financial officer Michael Hipwood said the accelerating momentum across the business and developments in new products the combined company would be better equipped to serve its customers by providing leading-edge hardware-plus-software solutions for the electric vehicle infrastructure buildout that was underway globally.

The new debt facility was expected to allow Tritium to repay existing debt, including debt outstanding under the existing Cigna facilities, without the use of funds received from the DCRN trust account. 

“This transaction reinforces Tritium’s balance sheet with further capital funding to support Tritium’s global expansion plans and respond to increasing sales and working capital requirements,” chief revenue officer David Toomey said.

Tritium has also recently launched its state-of-the-art testing facility in Brisbane.

Founded in Brisbane and having already deployed more than 5250 charging stations, Tritium has provided more than 3.6 million high-power charging sessions across 41 countries, delivering an aggregate of over 55 GWh of energy. T

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