Personal lender MoneyMe has eased the funding pressure that has been weighing on it for the past few months, launching a fully underwritten A$37 million share placement. The price of 8 cents a share is a 24 per cent discount to the last traded price of 10.5 cents on March 20. The placement is subject to shareholder approval. In a statement to the ASX yesterday, MoneyMe said that upon completion of the placement it will launch a non-underwritten $5 million share purchase plan. It said it has received a significant level of commitment to the placement from long-standing investors, including Somers Ltd and Perennial Value. Most of the capital raised will go to pay down a portion of its corporate debt facility. In December, MoneyMe revised its syndicated facility agreement with Pacific Equity Partners, with a commitment to pay down $25 million, plus accrued interest, fees and other amounts, in order to bring the balance of the debt facilities outstanding under the facility agreement to $50 million.  At December 31, the outstanding amount was $78 million but yesterday the company reported that it stood at $82 million. In its statement yesterday, the company said $32 million of the $37 million share placement would be used to reduce the corporate facility. It said the remaining $50 million facility will be set on improved terms, with a 200 basis point reduction in interest costs (from 14 per cent to 12 per cent) and relaxed covenant settings. The balance is due in November 2025. MoneyMe is in a reasonably strong operating position. It reported that net cash flow from operating activities more than doubled to $73.4 million in the six months to December. Net profit was $8.8 million, compared with a loss of $18.7 million in the previous corresponding period. MoneyMe chief executive Clayton Howes said the company traded profitability in January and February. It is moderating loan growth and improving credit quality. The company expects to settle the placement on May 19. Morgans Corporate Ltd is the underwriter.