29th Dec 2009 07:30
Cashbox plc
(the "Company")
Bank facility refinancing and new convertible loan
Cashbox is pleased to announce that its bank facility with Bank of Scotland has been refinanced.
The £5.7m facility has been restructured to the Company's advantage by reducing and deferring regular capital repayments in exchange for a more significant bullet repayment at the end of the term of the facility. This change to the facility will result in cash savings for the Company in the initial years of up to £1.2m per year. As part of the refinancing, the interest margin payable on the facility has been increased to 4% over three month LIBOR.
The Company is also pleased to announce that it has secured a further £800,000 convertible secured loan from Synergy Capital, taking the total loan to £2.3m. The principal terms of the new loan are the same as those of the original loan (announced on 31 December 2008) save that the loan is for three years, the interest rate chargeable is 12% per annum and the conversion rate is fixed at 2.8p per ordinary share.
ENDS
For further information:
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Cashbox plc |
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Ciaran Morton, Chief Executive |
Tel: +44 (0) 1256 441 000 |
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www.cashboxplc.co.uk |
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Seymour Pierce Limited |
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Jonathan Wright |
Tel: +44 (0) 207 107 8000 |
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www.seymourpierce.com |
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Fairfax I.S. PLC |
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Ewan Leggat |
Tel: +44 (0) 207 598 5368 |
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www.fairfaxplc.com |
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Threadneedle Communications |
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Josh Royston / Graham Herring |
Tel: +44 (0) 207 653 9850 |
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www.threadneedlepr.co.uk |
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