Keywords Studios secures €140m revolving credit facility

(Sharecast News) - Video games industry service provider Keywords Studios secured a new revolving credit facility worth up to €140m on Monday.
Keywords' new facility will be provided by Barclays Bank, Citibank, HSBC and Silicon Valley Bank for an initial €100m over a three-year term and comes with an option to extend the facility to as much €140m for a further two years.

The AIM-listed group said the new line of credit would replace its existing €105m facility.

Chief executive Andrew Day said: "This facility gives us further flexibility and headroom to invest in building our business both organically and through acquisition.

"We continue to review a strong pipeline of acquisition candidates that want to join our leading, diversified platform for services to the global video games industry and we will continue to select high calibre businesses that enable us to scale up to capture a greater proportion of our clients' increasing demand for outsourced games' development and support."

In separate announcement, Keywords said new chief financial officer Jan Hauck had taken up his role and board position on Monday, with immediate effect.

Former CFO David Broderick will be available to the firm until the end of November in order to ensure an effective handover and transition.

As of 1030 BST, Keywords shares had slumped 5.28% to 1,183p.