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Pin to quick picksIdox Group Regulatory News (IDOX)

Share Price Information for Idox Group (IDOX)

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New Banking Facilities

19 Dec 2019 07:00

RNS Number : 4537X
IDOX PLC
19 December 2019
 

19 December 2019

Idox plc

('Idox' or the 'Group' or the 'Company')

New Banking Facilities

 

ldox plc (AIM: IDOX), a leading supplier of specialist information management software and solutions to the public and asset intensive sectors, is pleased to confirm that, as anticipated in the Company's year end trading update of 25 November 2019, it has successfully finalised new multi-year committed borrowing facilities.

New banking arrangements have been agreed with NatWest, Silicon Valley Bank and Santander for a three-year term ending December 2022, with an option to extend for two one-year renewal periods. The new banking arrangements are on improved commercial terms and include a larger overall facility, incorporating a £35 million revolving credit facility with the option for further borrowings of £10 million under an accordion arrangement. The previous facilities provided by NatWest and Silicon Valley Bank will be fully discharged and cancelled.

 

David Meaden, Chief Executive of Idox, commented:

 "Having undertaken a competitive tender process, we are delighted to have added Santander to our banking consortium. These new, larger financial arrangements on improved terms bring further stability to our Group and, whilst we have no current plans to draw down the additional element of these facilities, they give us flexibility to finance and execute on growth strategies in our core public-sector software markets whilst maintaining our focus on strong margins and cash generation."

 

 

-Ends-

 

Enquiries:

Idox plc

+44 (0) 870 333 7101

David Meaden, Chief Executive

Rob Grubb, Chief Financial Officer

N+1 Singer (NOMAD and Broker)

+44 (0) 20 7496 3000

Shaun Dobson / Ben Farrow (Corporate Finance)

Tom Salvesen (Corporate Broking)

MHP Communications

+ 44 (0) 203 128 8100

 

Reg Hoare

idox@mhpc.com

 

 

About Idox plc

For more information see www.idoxplc.com @Idoxgroup 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
 
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