9th Oct 2013 08:57
LONDON (Alliance News) - Escher Group Holdings PLC Wednesday said it has agreed a revised banking facility with Bank of Ireland Corporate Banking, which will extend the maturity of its facilities for more than three years to October 2018, while also reducing its annual capital repayment to USD1.0 million from USD3.3 million per annum.
Escher, which provides outsourced point-of-sale software to the postal industry, said its new facility comprises of a USD9.0 million five year term loan facility and a revolving 12-month facility for USD3.0 million.
"This new facility will significantly improve the maturity profile of our debt, assisting the business in this phase of rapid growth. We welcome the support we have had from the Bank of Ireland as we continue our development," Liam Church, Chief Executive, said in a statement.
The new facilities are already in place.
Escher had outstanding loans of USD8.5 million loan facilities with Bank of Ireland prior to the revised agreement.
Escher shares were Wednesday quoted at 261.75 pence, up 0.75 pence, or 0.3%.
By Samuel Agini; [email protected]; @samuelagini
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