(Alliance News) - Micro Focus International PLC on Thursday said it has repaid USD175 million of its revolving credit facility and agreed an extension to June 2024.
The FTSE 250-listed software and consultancy company said due to its "strong" cash generation, it reviewed its borrowing requirements and therefore decided to repay the USD175 million which was drawn as a precautionary measure in March. It added that the repayment has reduced the size of the facility to USD350 million, reduced its gross debt, and costs associated with the facility.
Berkshire-headquartered Micro Focus said as at Monday, it had cash of around USD700 million, which combined with its extended facility, provides the group with total liquidity of around USD1.05 billion with no maturity dates on facilities before June 2024.
Shares in Micro Focus were trading 5.4% higher at 307.00 pence each on Thursday morning in London.
By Ife Taiwo; ifetaiwo@alliancenews.com
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