10 Mar 2020 07:00
10 March 2020
7digital Group plc
("7digital" or "the Company")
Arrangement of Debt Facility
7digital Group plc (AIM:7DIG), the global leader in B2B end-to-end digital music solutions, announces that it has entered into a 12-month loan of £500,000 with a UK-based lender at an interest rate of 1.5% per month. The monies will be used by the Company for working capital purposes.
Tamir Koch, Chair of 7digital, said: "This debt facility will support the Company's growth with non-dilutive funding as it continues to make rapid progress towards operational profitability by the end of Q2 2020. 7digital has signed multiple contracts in recent months and this facility provides additional financial flexibility to execute on our healthy pipeline of deals with companies and innovators seeking to capitalise on the growth in audio and music streaming."
Enquiries | |
7digital | 020 7099 7777 |
Paul Langworthy, CEO | |
Arden Partners (Nominated Adviser and Broker) | 020 7614 5900 |
Richard Johnson, Benjamin Cryer | |
Luther Pendragon (Financial PR) | 020 7618 9100 |
Harry Chathli, Joe Quinlan, Elliot Fradd |
About 7digital (www.7digital.com/)
7digital is the global leader in B2B end-to-end digital music solutions. The core of its business is the provision of robust and scalable technical infrastructure and extensive global music rights used to create music streaming and radio services for a diverse range of customers - including consumer brands, mobile carriers, broadcasters, automotive systems, record labels and retailers. 7digital also offers radio production and music curation services, editorial strategy and content management expertise.
7digital fosters industry growth and innovation by simplifying access to music for clients. From years of being the largest independent producer of programming for the BBC and powering services for partners like Global Radio and Fender, 7digital is perfectly positioned to lead innovation at the intersection of digital music and next-generation radio services.