(Alliance News) - Video games services firm Keywords Studios PLC on Monday said it has secured a EUR140 million credit facility with four lenders to fund further acquisitions.
The financing from Barclays PLC, Citibank NA, HSBC Holdings PLC and Silicon Valley Bank will provide an initial EUR100 million over a three-year term with an option to extend the facility to EUR140 million and an extra two years.
Chief Executive Andrew Day said: "We are pleased to have finalised this facility which is a significant expansion on our previous arrangement and remains in line with our intention of maintaining a conservative mix of equity and debt funding.
"This facility gives us further flexibility and headroom to invest in building our business both organically and through acquisition."
The company added that it has a strong pipeline of potential acquisitions.
During the six months to June 30, Keywords completed the takeover of Canadian game marketing firm Sunny Side Up Creative Inc for EUR4.1 million before acquiring Dutch-based gaming social platform, GetSocial BV for EUR170,000.
It also bought Japanese video game developer Wizcorp Inc for EUR952,000 and Canadian audio description services provider Descriptive Video Works Inc for EUR2.1 million.
Keywords added that Monday marks Jon Hauck's first day as financial chief of the firm, officially replacing David Broderick, who remains with the company during a handover period until the end of the November.
Keywords announced the appointment of the former Rentokil Initial PLC financial controller & treasurer in June.
Shares in the company were 2.6% lower at 1,217.00 pence each in London early on Monday morning.
By Eric Cunha; ericcunha@alliancenews.com
Copyright 2019 Alliance News Limited. All Rights Reserved.
Barclays (BARC)
HSBC Holdings (HSBA)
Rentokil Initial (RTO)
Keywords Studios Plc (KWS)
