Brainytoys secures $15m facilities

O'Connor-based Brainytoys Ltd has secured $15 million in credit and financing facilities that will allow its US arm to finance larger mass-market orders from major retailers.

The wholly owned US subsidiary of Brainytoys announced the completion and initial funding of a $10 million one-year flexible credit facility and the commitment of a $5 million purchase order financing facility.

"These two complimentary facilities provide us the flexibility to execute on larger mass market retail orders we have been receiving and to comfortably meet the strong demand we have seen building for the second half of the year," chief executive Bob Finn said.

Brainytoys was listed on the local stockmarket in late 2007 and has acquired firms in the United Kingdom, US and Hong Kong to form an global platform of specialty and mass-market toy companies.