Last checked at 4 Jun 2015 07:00
Ubisense agrees £8 million Revolving Loan Facility
Cambridge, UK - Ubisense Group plc (AIM: UBI) ("Ubisense", the "Company" or the "Group"), a leader in enterprise location intelligence solutions, is pleased to announce that it has signed an £8 million revolving loan facility with HSBC Bank plc ("HSBC") which is committed until May 2018. This new facility replaces the existing £5 million loan facility due to expire in August 2016, of which £4.5 million was drawn, with interest charges unchanged at LIBOR plus 3%. Additionally, the £2 million loan that the company has with HSBC, of which £1.75 million is outstanding, will be repaid from the proceeds of the recent successful fund raising.
Robert Parker, CFO, commented: "We are very pleased to continue to build our long term relationship with HSBC and to have completed the refinancing of our loan facility, as it will give us future working capital capacity to manage the business whilst we continue to deliver our strategic objectives."
Chris Teale, Relationship Director for PLCs and Leveraged Finance at HSBC Cambridge, said: "Ubisense's technology is revolutionary and the Company has a strong management team with a track record in delivering success. HSBC's great strength lies in its international reach and it is businesses such as Ubisense that will continue to drive the economic recovery in the UK. HSBC is proud to be playing its part in supporting the Company."
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For further information contact:
Ubisense Group plc +44 (0) 1223 535170
Richard Green, Chief Executive
Robert Parker, Chief Financial Officer
Numis Securities Limited +44 (0) 7260 1000
Simon Willis, Jamie Lillywhite (Corporate Finance)
Rupert Krefting (Corporate Broking)
Montfort Communications +44 (0) 20 3514 0897
Nick Miles +44 (0) 7973 130669
About Ubisense
Ubisense (AIM: UBI), a global leader in Enterprise Location Intelligence solutions, helps manufacturing, communications and utility companies improve operational efficiency and boost profitability. Ubisense location intelligence systems bring clarity to complexity, enabling customers to revolutionise their operational effectiveness in a measurable way. Founded in 2002, Ubisense is headquartered in Cambridge, England, with offices in North America, France, Germany, Japan, Korea, Philippines and Singapore. For more information visit: www.ubisense.net.