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Molten Ventures PLC - London-based venture capital firm focused on technology companies - Agrees new GBP150 million net asset value facility with JP Morgan Chase Bank NA and Silicon Valley Bank. The debt facility comprises a GBP90 million terms loan and a revolving credit facility of up to GBP60 million on a three and two year basis, respectively. Both have one-year extensions for up to five years and the interest rate is sterling overnight index average plus a margin of 5.5% per year.
Adds that the debt facility will be used for investment and corporate purposes and to repay the company's existing GBP65 million facility with SVB and Investec PLC.
Chief Executive Martin Davis comments: "The debt facility has been scaled to realign our capital structure with our previously stated target of 10% of portfolio value and provides increased funding flexibility."
Current stock price: 319.60 pence
12-month change: down 73%
By Sophie Rose; sophierose@alliancenews.com
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