19th Dec 2019 13:45
(Alliance News) - IDOX PLC said Thursday it has finalised new multi-year committed borrowing facilities with several lenders.
The Theale-based software firm signed new banking arrangements with NatWest, Silicon Valley Bank and Santander for a three-year term ending December 2022, with an option to extend for two one-year renewal period.
The new banking arrangements are on improved commercial terms and will include a larger overall facility, incorporating a GBP35 million revolving credit facility.
The facility has the option for further borrowings of GBP10 million under an accordion arrangement.
"Having undertaken a competitive tender process, we are delighted to have added Santander to our banking consortium. These new, larger financial arrangements on improved terms bring further stability to our group and, whilst we have no current plans to draw down the additional element of these facilities, they give us flexibility to finance and execute on growth strategies in our core public-sector software markets whilst maintaining our focus on strong margins and cash generation," Chief Executive Officer David Meaden.
Shares in Idox remained flat at 33.5 pence on Thursday in London.
By Dayo Laniyan; [email protected]
Copyright 2019 Alliance News Limited. All Rights Reserved.
Related Shares:
Idox Group