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MedicX Fund Secures New GBP20 Million Facility With Option To Increase

Fri, 16th Sep 2016 08:24

LONDON (Alliance News) - MedixC Fund Ltd on Friday said it has secured a new GBP20.0 million revolving loan facility and said it has the option to push that up to GBP30.0 million.

The new facility replaces the existing GBP25.0 million facility and will last for a three-year term until September 2019.

The facility of GBP20.0 million can be increased to GBP30.0 million, plus additional lenders can be added with a view to increasing the facility on existing terms.

Interest is payable on amounts drawn under the amended facility at a rate equal to LIBOR plus a lending margin of 2.0% per annum. A non-utilisation fee of between 1.10% and 0.75% will be payable depending on the level of utilisation.

The fund has GBP337.0 million of other debt facilities with a weighted average fixed cost of 4.45% including undrawn amounts, with an average remaining term of just over 14 years.

MedicX shares were up 0.5% to 89.93 pence per share on Friday morning.

By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance