17th Mar 2016 07:00
17 March 2016
Kalibrate Technologies plc
("Kalibrate" and together with its subsidiaries, the "Group")
US$5 million revolving line of credit
Kalibrate Technologies plc (AIM: KLBT), the provider of strategy and technology services to the global fuel and convenience retail industry, is pleased to announce that the Group has entered into a US$5 million revolving line of credit (the "Facility") with PNC Bank, N.A., a member of the PNC Financial Services Group, Inc. (NYSE:PNC). The Facility will be used for the issuance of performance bonds/letters of credit, foreign exchange facilities, potential business development opportunities and general working capital.
The Facility is for a two year term with an interest rate of 2% above LIBOR. There is a small unused facility fee of 0.25%. The Facility is secured by way of an all asset pledge by the Group. Fixed charge coverage ratios and funded debt to EBITDA ratios are in place and are tested on a semi-annual basis.
Commenting on the Facility, Bob Stein, CEO of Kalibrate, said:
"We are pleased to announce the securing of a two year revolving line of credit extension on good terms for the Group. We will use the Facility to expand and grow our business."
For further information please contact:
Kalibrate Technologies plc | via FTI Consulting, LLP |
Robert B Stein, Jr. Chief Executive Officer | |
Gregg R Budoi, Chief Financial Officer | |
N+1 Singer Advisory LLP | +44 (0) 20 7496 3000 |
Shaun Dobson / Alex Price | |
FTI Consulting, LLP | +44 (0) 20 3727 1000 |
Matt Dixon / Chris Lane / Emma Appleton/ Elena Kalinskaya |
About Kalibrate
For over 20 years, Kalibrate (LSE: KLBT) has advised fuel and convenience retailers throughout the world on how to be best-in-class operators in the fast changing marketplace. Kalibrate's global footprint and local presence are the result of a merger between two market leaders: KSS Fuels, the forerunner in fuel pricing automation, and MPSI, recognized leaders of retail location intelligence. Clients gain fuller visibility, truer insight and more effective control over what matters most - what Kalibrate calls Your Adaptive Edge™.
Headquartered in Manchester, United Kingdom and Florham Park, New Jersey, Kalibrate has centers of excellence in Mumbai, India; Tulsa, Oklahoma; and Melbourne, Australia as well as offices in 10 other countries. For more information, visit kalibrate.com.
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