Water Intelligence PLC - London-based leak detection services company - Increases acquisition line of credit by USD5 million. Executive Chair Patrick DeSouza says: "We look forward to a strong 2024 as we have significant available capital to deploy for increasing shareholder value. We appreciate the help of M&T Bank to structure a facility that helps us manage our cost of capital to the lowest level relative to the market." Water Intelligence says that when amounts are drawn from the facility, the loan amount converts into a five-year term loan. It adds: "Interest rate on the term loan is a floating rate that is capped at 8% through the use of a customized financial product; moreover, if market rates decrease during the 5 year period, then Water Intelligence gets the benefit of a reduction of the interest rate for the underlying loan."
Current stock price: 402.00 pence, down 2.6% on Thursday
12-month change: down 39%
By Tom Budszus, Alliance News slot editor
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Water Intel. (WATR)