DXN (ASX:DXN) secured a AU$5 million loan from iPartners to fund the now finalized AU$2.1 million SDC Darwin property purchase and repay existing debt, according to a Friday Australian bourse filing.
The facility, which started on May 29 and has a term of 18 months, will generate an annual cash flow saving of AU$266,000, the filing added.
The company said the property has been independently valued at AU$10 million, giving an immediate uplift to its net assets.
The facility has enabled the company to pay down AU$2 million of outstanding debt and settle a AU$550,000 warranty payment owed to the SDC Darwin vendor from the original purchase agreement from 2021.
The company's shares rose nearly 9% in recent Friday trade.
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