25th Apr 2016 08:17
LONDON (Alliance News) - Satellite Solutions Worldwide Group PLC, a provider of satellite broadband to rural areas, on Monday said it has secured a GBP2.0 million unsecured loan note from the UK Business Growth Fund.
The Business Growth Fund is backed by UK banks and provides funding for small and medium-sized businesses.
The note carries a fixed coupon of 10% and is repayable after 12 months.
The company said the funds will strengthen its balance sheet and allow the group to pursue acquisitions to drive growth.
"These funds will allow the completion of two smaller French acquisitions in the coming weeks, further consolidating our position as the second largest provider in France. We continue to evaluate a number of significant acquisition opportunities, and we expect BGF to remain supportive of our growth strategy," said Satellite Solutions Chief Executive Andrew Walwyn.
Shares in Satellite Solutions were up 8.5% to 8.95 pence Monday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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