(Sharecast News) - Micro Focus International has repaid $175m (£132m) of debt arranged at the start of the Covid-19 crisis after the software company generated strong cash flow.
The FTSE 250 company said the decision had reduced its revolving credit facility to $350m as well as its gross debt and costs of the facility.
At the end of August, Micro Focus had $700m of cash and cash equivalents. Combined with its extended credit facility the company has about $1.05bn of liquidity with no maturity dates before June 2024.
"In extending the facility, the board has taken the opportunity to review the group's borrowing requirements in the light of the strong cash generation of the business," the company said. "The board has elected to repay the $175m of the RCF which was previously drawn as a precautionary measure in March 2020."
Micro Focus shares rose 3.1% to 300.42p at 08:14 BST.
16 Jul 2021 08:07
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