ThinkSmart secures $160m in credit facilities

ThinkSmart (ASX:TSM) has signed two credit facilities worth a combined $160m to help provide funding for its IT equipment financing services

IT financing company ThinkSmart has revealed it has negotiated over $160 million in new credit facilities to be used in its operations.

The company has signed a £40 million ($64.2 million) revolving facility with the Secure Trust Bank, to finance its business-to-business and consumer rental offers in the UK.

ThinkSmart in October last year partnered with UK electronics retailer Dixons to offer the financing for a two-year consumer computer rental service named Infinity.

The facility will be used to fund these contracts, as well as the business financing it has been providing in the UK for eight years.

The company has meanwhile obtained final credit approval for a $100 million securitisation facility with an Australian bank. ThinkSmart did not name the bank involved, but said it was a “major” one.

“Our strategy is to establish scalable funding platforms in our major territories supported by multiple funder relationships,” ThinkSmart chief executive Ned Montarello said, commenting on the agreements.

The company plans report its full-year 2010 earnings on Monday.

TSM shares grew 2.22 per cent to $0.690 during Thursday's ASX trading.

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