Largo (LGO) said Wednesday its unit Largo Resources USA signed a non-recourse factoring facility with a third-party firm to sell certain accounts receivable for up to $10 million in proceeds.
The firm will advance 85% of invoice value, with commission rates ranging from 0.51% for invoices up to 30 days to 1.37% for those up to 90 days, depending on customer terms.
Largo said it is working to establish similar facilities for Largo Inc. and Largo Commodities Trading, which could expand the total facility to $30 million.
The two-year facility can be terminated by the factor with 90 days' notice or immediately in case of default, according to the company.
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