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(Alliance News) - Audioboom Group PLC on Friday said it has secured a new loan facility of GBP4 million from SPV Investments Ltd.
SPV Investments is jointly-owned by Audioboom Chair Michael Tobin and Candy Ventures SARL which is Audioboom's largest shareholder.
The podcast platform said that the 2-year secured loan facility bears an interest rate of 8% per annum on drawn down funds, together with a USD80,000 arrangement fee payable on the first draw down.
The facility has a minimum draw down amount of USD200,000
The loan proceeds will be used to fund the company and its growth strategy through to sustainable positive cash generation on a monthly basis.
"This non-dilutive financing should fund Audioboom through to sustainable-positive cash generation and allows the management team to remain focussed on delivering further growth. We have made a strong start to the year with bookings for 2020 ahead of management expectations," said Audioboom Chief Executive Stuart Last.
The company, which is based in London with offices in Mumbai and New York, noted that the facility is independent of the guarantee facility provided by SPV. In June, Audioboom secured a content funding guarantee facility with SPV to provide a guarantee of USD1.8 million.
Shares in Audioboom were up 1.7% at 216.00 pence each on Friday morning in London.
By Ife Taiwo; ifetaiwo@alliancenews.com
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