Corgi finances its future

Firm completes debt and equity financing worth almost $40 million.
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Corgi plans to use the $39.3 million to help execute its growth plans.

It has finalised the arrangements for a three-year asset based credit facility, worth about $30 million, with Burdale Financial, a member of the Bank of Ireland Group.

The firm’s existing lenders, Barclays Bank, Ropart Asset Management Fund (RAM) and Gateway have also agreed to extend the maturity of their existing credit facilities.

In addition, Gateway has also agreed to provide up to $3.3 million of inventory financing for at least one year.

In return, Corgi has granted RAM a warrant to purchase 200,000 American Depositary Shares at a value of $0.38 per share.

Michael Cookson, Corgi’s CEO said: "We are extremely pleased to have completed these financings, which we believe positions us well to execute our growth plans for the future and leverage the combined channels and assets of our merged companies. Our investors and financial institutions have been responsive in supporting the Company at this time."

Dennis Levine, CEO at Burdale said: "We have put together a tailored and complete financial funding program, working with Corgi's existing lenders and investors. Burdale looks forward to working with the Corgi management team as they execute their expansion plans."



Corgi on the up

Firm?s net revenue increases by $1.2 million to $43.3 million with further growth expected for the full fiscal year 2008.


Corgi unveils Horton

As revealed by ToyNews earlier this week, Corgi has confirmed that former Radica boss Denis Horton is joining the firm as group managing director for Europe.

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