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9 Oct 2013 07:00
9 October 2013
Escher Group Holdings plc
US$12 million banking facility
Escher Group Holdings plc, (AIM: ESCH, "Escher" or "the Group"), a world-leading provider of outsourced, point of sale software to the postal industry, has agreed a revised banking facility with Bank of Ireland Corporate Banking comprising a US$9.0 million five year term loan facility and a revolving 12-month facility for US$3.0 million.
The facilities have been put in place. The term loan extends the maturity of the Group's facilities for more than 3 years to October 2018 and also reduces the annual capital repayment from over $3.3m pa to $1.0m pa. It has a margin over US$ LIBOR of 375 basis points; the 12-month revolver has a margin over US$ LIBOR of 325 basis points.
Prior to this amended facility Escher had outstanding loans of US$8.5 million loan facilities with Bank of Ireland.
Liam Church, Escher's CEO said:
"This new facility will significantly improve the maturity profile of our debt, assisting the business in this phase of rapid growth. We welcome the support we have had from the Bank of Ireland as we continue our development."
Enquiries:
Escher www.eschergroupholdings.com | +353 (0)1 254 5400 |
Liam Church, Chief Executive Officer | |
Jonathan O'Connell, Finance Director | |
Fionnuala Higgins, EVP Sales & Marketing | |
Panmure Gordon | +44 (0)20 7886 2500 |
Andrew Godber / Callum Stewart | |
College Hill | +44 (0)20 7457 2020 |
Adrian Duffield/Rozi Morris |
About Escher Group
Escher is a world leading developer and provider of outsourced, point-of-service software for use in the worldwide postal industry. Its core software, RiposteEssential™, enables post offices to expand upon their traditional offering, providing additional new services, reducing costs and increasing efficiency. Riposte® is a messaging middleware that enables applications operating on different computers to communicate with each other. The Riposte® software manages data, monitors the system status and communicates across the network. Escher Group operates across two divisions - a Retail Software Division and a Message Based Communications Division.
The Retail Software Solution (RiposteEssential™) serves the postal and courier markets. Transactions include mail and financial services and the system is integrated with utilities and financial services companies, banks and central and local governments.
Escher's Message Based Communications Division (RiposteTrEx™) is based on a digital post office box model and is designed to provide a national digital infrastructure linking governments, businesses and citizens via a secure platform.
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