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LONDON (Alliance News) - IT services company First Derivatives PLC said on Wednesday it has agreed to extend its bank facilities totalling GBP130 million to provide flexibility in its growth plans.
The facilities are made up of a term loan of GBP65 million and a revolving loan facility of GBP65 million.
The five-year loans will refinance First Derivatives's existing borrowings, and to partly finance the acquisition of a minority shareholding in Kx Systems, due to be made at the end of June.
Both facilities will have an interest rate for the first 12 months of Libor plus 2.75%.
Bank of Ireland is the lead arranger for the bank facilities, with participation from Barclays, First Trust Bank and Silicon Valley Bank.
"I would like to thank Bank of Ireland, Barclays, First Trust Bank and Silicon Valley Bank for their support and for sharing our confidence in the group's future prospects. The extended bank facilities provide certainty regarding our funding requirements and the flexibility, should it be required, to act quickly to advance our growth plans," said Chief Executive Officer Brian Conlon.
Shares in First Derivatives were up 0.2% at 2,175.00 pence on Wednesday.