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Giftee Secures 8 Billion Yen Credit Line, Plans 5.5 Billion Yen Borrowing

-- giftee (TYO:4449) said it has agreed to overdraft facilities of up to 8 billion yen with lenders and plans to borrow 5.5 billion yen to support flexible funding needs, according to a Friday filing on the Tokyo Stock Exchange.

The company said the agreements were signed with Mizuho Bank and MUFG Bank, with a scheduled term from April 23 to Oct. 31.

Giftee said the borrowing will be unsecured, carry a floating interest rate and have a term of within one month from drawdown. The company said the move is aimed at ensuring agility in meeting funding needs for business growth.

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