4th Jun 2019 16:15
LONDON (Alliance News) - Broadcasting software firm Mirada PLC has agreed a new revolving credit facility worth up to EUR1.3 million, it announced Tuesday.
The funding, through subsidiary Mirada Iberia SAU, will be used alongside existing debt for general working purposes, and to fulfil recent contract wins.
It has been provided by Leasa Spain SLU, owned by Ernesto Luis Tinajero Flores, who holds 87% of Mirada's voting rights.
The loan is unsecured, and has an interest rate of 8% on funds drawn, payable quarterly. It expires at the end of November 2020.
"The directors of Mirada believe monies drawn down from the facility will strengthen the company's balance sheet whilst giving the company the opportunity to secure new customer contracts and negotiate and renew other debt financing facilities, such as invoice discounting facilities," said Mirada.
"The directors believe the facility represents the best financing option currently available to allow the company to satisfy its short to medium-term working capital requirements and to convert its pipeline of new business opportunities into new customer contracts."
Mirada shares were 6.9% higher on Tuesday afternoon at a price of 0.75 pence each.
Related Shares:
MIRA.L