2nd Mar 2020 17:19
(Alliance News) - Micro Focus International PLC on Monday said it has postponed the proposed refinancing of its existing senior secured term Loan B and the extension of its existing revolving credit facility.
In February, the enterprise software company said it launched a USD1.43 billion senior secured term loan B refinancing and extended its existing USD500 million revolving credit facility due September 2022 to June 2024. It said the term loan will be used to refinance the company's existing senior secured term loan B facility due November 2021, with the new loan having a seven-year term.
However, on Monday, Micro Focus said it has postponed the refinancing due to "adverse market conditions" but intends to relaunch it once conditions improve.
Micro Focus shares closed 5.3% lower at 701.70 pence each on Monday in London.
By Ife Taiwo; [email protected]
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