Team Global Express signs $250 million loan facility

Team Global Express (formerly Toll Global Express) has signed a $250 million loan facility with the Commonwealth Bank of Australia (CBA).

As part of an agreement to refinance its business, the funding will underpin Global Express’ business transformation and provide additional liquidity to support further investment into the business and fund its growth plans.

Global Express’ goal is to be the most sustainable national logistics solutions partner, as demands for national deliveries continue to accelerate and the business leans into the changing demands of consumers, e-commerce trends and emissions reductions targets.

The announcement will also support growth and further improve reach into key regional and rural areas for the business.

“Today’s announcement is reflective of the strong momentum of the Team Global Express business since it was acquired by Allegro only 12 months ago,” said Team Global Express CEO Christine Holgate.

“In our first year we have achieved 16 per cent revenue growth, invested in the business, and improved our profitability. We have more work to do, but our results combined with our new agreement with CBA, underpin a stronger future for our group,” she said in a statement.

“As we continue to simplify, transform and grow the Team Global Express business, we are pleased with our progress achieved by putting the focus back on our people and customers.”

Team Global Express’ momentum and strategic direction, according to CBA Group Executive, Institutional Banking and Markets, Andrew Hinchliff, position it well to meet the strong demand for sustainable solutions across Australia’s transport system.

“We’re pleased to support TGE’s continued transformation through the provision of this loan facility, which demonstrates CBA’s structuring capability and supply chains expertise,” he said.

“We look forward to continuing to work closely with Christine and the TGE management team as they further invest in the business, and in a range of exciting new sustainability initiatives. Supporting Australia’s transition to a brighter, more sustainable future is a strategic priority for CBA, and it aligns well with the goals of TGE.”

In August Toll Global Express announced it was changing its name and brand identity to Team Global Express.

According to a statement issued by the company, ‘Team Global Express’ reflects the passion, commitment, and integrity of its people who it identified as being the most integral part of the business.

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