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Sigma Healthcare secures A$500M from Westpac

Sigma Healthcare Ltd. established a receivables purchase agreement with Westpac Banking Corp., securing A$500 million over three years.

Westpac agreed to conduct the refinancing in three tranches: A A$115 million cash advance expiring Nov. 30, 2019; a A$135 million overdraft facility expiring May 31, 2020; and a A$250 million cash advance expiring Nov. 30, 2021.

Rowville, Australia-based Sigma Healthcare, which focuses on wholesale and distribution of pharmaceutical products, said the facility will help fund its infrastructure investment in distribution centers and information systems, as well as ongoing working capital requirements.