Information and records management company Metrofile has refinanced its debt and can now pursue new business opportunities.
The company, which has been around since 1983, says it has wrapped up a deal with Standard Bank to refinance senior and mezzanine debt.
CEO Graham Wackrill says the refinancing “places us in a position to now realise our growth potential and will allow us to pursue new business opportunities as and when they arise”.
Metrofile's facilities, which total R237 million, were originally due to be repaid by August 2012. It now has funding of R150 million, to be cleared within six years, and a R87 million bullet loan, on which interest will be paid quarterly and the capital in April 2016.
As a result of the refinancing, Metrofile will be able to start paying dividends in the new financial year, says Wackrill. This will be the first time the company has paid dividends in its current format.
In addition to the refinancing, the company has been granted capital expenditure facilities of R47 million, which will fund its expansion plans until 2013.
Metrofile's focus is to expand its footprint into smaller cities and it will shortly open up offices in Nelspruit. It also aims to continue expanding into Africa, and its Mozambican operation is performing ahead of expectations. By June, it expects to be operating in Nigeria.
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