ASSET BASED FINANCE
Flexible $20M Funding Powers Pharma Expansion
Executive Summary
IDT, a 50‑year‑old ASX‑listed pharmaceutical manufacturer, overcame restrictive bank funding by partnering with ScotPac. Through the provision of the $20M structured asset‑based facility—secured by property, plant and equipment, and receivables—IDT gained immediate access to flexible working capital, enabling growth and funding control with a covenant‑lite, three‑year solution.
Client and Situation
IDT Australia, an ASX‑listed pharmaceutical manufacturer with a 50‑year history, had restrictive access to working capital from their bank. Seeking a solution that offered greater funding availability with the benefit of fewer financial covenants, they turned to ScotPac following a referral from their advisors.
ScotPac’s Solution
ScotPac delivered a tailored asset‑based facility totalling $20 million.
The security that was provided was a combination of the following assets:
- Commercial property
- Plant and equipment
- Receivables
This solution provided IDT with a significant uplift in accessible working capital, all within a covenant‑lite structure and a three‑year term.
Fast access to flexible capital has empowered us to invest and expand strategically.
The ScotPac Difference
With ScotPac’s asset‑based facility, IDT gained quick and flexible access to the working capital they were seeking.
This covenant‑lite, three‑year solution provided the directors with certainty and control, enabling IDT to, accelerate growth, invest in new opportunities and confidently expand operations, all with the speed and flexibility banks couldn’t match.
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