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LONDON (Alliance News) - JTC PLC said Monday it has extended its existing revolving credit facility from GBP10 million to GBP55 million, as the company applies for the listing of 2.9 million shares to satisfy its Minerva Holdings Ltd acquisition.
The fund manager said the extension of its revolving credit facility will be used to fund acquisitions and takes its total facilities to GBP100 million.
Bank of Ireland Group PLC, Barclays PLC and Banco Santander SA joins HSBC Holdings PLC under the terms of the company's debt facility.
In September, JTC agreed to buy Minerva - a provider of treasury services - and MHL Holdings SA from Dome Management Ltd and Dome Management SA for GBP30 million in total.
The payment for the acquisition was composed of an initial sum of GBP28 million, of which GBP16.8 million is in cash and the rest in shares.
Furthermore, there is a earn-out payment of up to GBP2 million based on Minerva achieving a minimum earnings before interest, taxes, depreciation and amortisation margins of 30% in the six-months following completion.
The acquisition will be complete upon admission of the shares on November 20.
Following the admission, JTC will have 110.9 million shares, with no shares in treasury, in issue.
Shares in JTC were up 1.1% Monday at 313.25 pence each.