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ASX Beckons As MYOB’s Reed Refinances $640 Million Loan

ASX Beckons As MYOB

CEO Tim Reed has hinted at the possibility after successful debt refinancing negotiations with existing lenders involving $640 million. 

The move would follow increased competition from New Zealand-based Xero, which has been striving to break into MYOB’s domination of the Down Under market.

Reed said MYOB’s strong business growth, financial performance and favourable credit markets presented an opportune time to negotiate greater flexibility in debt arrangements, lowering the cost of its debt and possible market listing in the future.

The company says it has reached a new record of 100,000 online subscribers since the launch of its AccountRight cloud accounting product about two years ago.