Quickstep Holdings Limited, a leading manufacturer of carbon fibre composites for the aerospace, defence and automotive industries, has announced that the Export Finance and Insurance Corporation (Efic) has agreed to provide a new $7 million “multi option” facility to Quickstep.
According to the media release by Quickstep Technologies, the new guarantee will include a performance bond facility for Quickstep’s technology export contracts and an export working capital guarantee to support growth in existing aerospace contracts.
The performance bond facility, valued at approximately EUR 3 million, provides support for Quickstep’s EUR 4.2 million (AUD $6 million) sale of its Quickstep Process technology to ORPE Technologiya. It will expire on the earlier of the date the technology is delivered to ORPE, expected in early 2015, but no later than 30 May 2015. The facility will enable ANZ Bank to provide a Guarantee to ORPE.
Efic’s export working capital guarantee will enable Quickstep to secure additional facilities of up to $2.5 million through to 31 October 2015. The ANZ Bank will provide a $2.5 million facility secured by this guarantee. The new facilities are additional to the $10 million Efic-backed loan facility arranged in November 2011.
“We value our long-term relationship with Efic which assisted our initial breakthrough to win significant international aerospace and defence contracts. We are pleased that Efic continues to support our assured growth in production and delivery,” said Tony Quick, Quickstep’s Executive Chairman.
“We are delighted that Quickstep has delivered on the export potential of its carbon-fibre technology. The guarantees that Efic provide are tailored to help fast-growth companies win business internationally and fulfil their potential. Quickstep’s growing income stream and strong management provide us with confidence for the future,” said Efic’s Managing Director and CEO, Andrew Hunter.