3rd Jul 2015 06:36
LONDON (Alliance News) - Cloud services company Outsourcery PLC on Friday said it has signed an amortising term loan with Vodafone Group Services Ltd, a subsidiary of FTSE 100-listed telecommunications company Vodafone Group PLC.
Under the deal, Outsourcery will be given a GBP4 million, four-year loan. In exchange, Vodafone will be granted a warrant over 3 million shares in Outsourcery, exercisable at 30 pence per share. Outsourcery shares closed at 24 pence on Thursday.
The loan replaces Outsourcery's existing facility in place with Barclays Bank PLC.
In addition, Outsourcery has amended the terms on its GBP1 million loan from Etive Capital Ltd, extending the repayment date to December 2017 from May 2016.
"Vodafone Group is a key strategic partner for Outsourcery, and we are pleased to be deepening our relationship. Together with our extended loan from Etive, we will benefit from a reduced cost of capital, and have greater flexibility to pursue our growing pipeline of opportunities with enterprise customers and the public sector," said Outsourcery Co-Chief Executive Piers Linney.
Jeni Mundy, Director, product management, Vodafone Group Enterprise, added: "Our strategic partnership with Outsourcery is key to our unified communications and collaboration strategy, and we look forward to addressing this large market opportunity together with Outsourcery."
By Sam Unsted; [email protected]; @SamUAtAlliance
Copyright 2015 Alliance News Limited. All Rights Reserved.
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