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Idox extends banking facility

Tue, 29th Jan 2019 10:02

(Sharecast News) - Idox, a supplier of specialist information management solutions and services, has successfully extended its existing banking arrangements with the Royal Bank of Scotland and Silicon Valley Bank.The existing banking arrangements were agreed in September 2014 for a four-year term, extended previously to 24 February 2019 and this second extension runs to 25 February 2020.Under the terms of the extension, the company's revolving credit facility will be increased to £24.5m from £23m until June this year, when it will revert back to £23m. The term loan will be cut by £1.25m on 30 April 2019, with the balance of £5.75m due at the expiry of the extension.Idox said the extension gives it a strong platform to continue to refocus its operations and allows the group time to consider longer-term financing alternatives.At 1400 GMT, the shares were down 1% to 32.62p.