22nd Apr 2015 15:09
LONDON (Alliance News) - AdEPT Telecom PLC Wednesday said Barclays Bank PLC is providing it with a GBP15 million revolving credit facility over a five-year period, replacing and increasing an existing facility.
In a statement, AdEPT Telecom Chairman Roger Wilson said the new facility will be used by AdEPT to "continue with its strategy of consolidation of the fragmented fixed line telecom market in the UK".
It replaces a GBP5 million revolving credit facility, which had an 18-month term remaining, the company said.
"We continue to identify earnings enhancing acquisition opportunities, and the increased scale and structure of this new debt facility will provide greater flexibility and support for future growth," Wilson said.
AdEPT Telecom shares were up 2.9% at 175.00 pence on Wednesday afternoon.
By Samuel Agini; [email protected]; @samuelagini
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