1st Sep 2025 08:51
(Alliance News) - Craneware PLC on Monday said it has refinanced its banking facilities to provide "increased flexibility to execute its growth strategy".
The Edinburgh, Scotland-based software solutions provider said it has renewed its revolving credit facility on "improved terms" for a further three years, with the option to extend for two further one-year terms.
The new unsecured USD100 million revolving credit facility consolidates the previous term loan and revolving credit facility, and is at lower interest rates than previous facilities. The company didn't provide detail on the lower interest rates.
Craneware said the financing provides a further USD100 million accordion facility that could support potential merger and acquisition activities.
The facilities have been provided by a consortium of HSBC Holdings PLC, Barclays PLC, NatWest Group PLC and Banco Santander SA.
Craneware said it has started a proposed reduction of capital, as previously announced, which will create additional distributable reserves of USD284.2 million.
If the reduction is approved by the court process, it would give further flexibility for shareholder returns over the coming years, Craneware added.
It said the reduction was approved last month, with the first court hearing for initial direction to be held shortly.
"Our strategic position at the heart of the US healthcare market, strong balance sheet and positive trading provides us with a strong position from which to explore multiple avenues for growth, as we support our customers in the transformation of the business of healthcare," said Chief Executive Officer Keith Neilson.
Shares in Craneware were up 2.8% at 2,200.00 pence in London on Monday morning.
By Michael Hennessey, Alliance News reporter
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