19 Mar 2020 07:00
This announcement contains inside information for the purposes of Article 7 of Regulation (EU) No 596/2014
19 March 2020
Kape Technologies plc
("Kape," the "Company," or the "Group")
New Bank Facility
Kape agrees new bank facility with a club of banks comprising of
Bank of Ireland, Barclays Bank and Citi
Kape (AIM: KAPE), the digital security and privacy software business, announces it has entered into an agreement with Bank of Ireland, Barclays Bank and Citi Commercial Bank (the "Banks"), to provide senior secured term and revolving credit facilities of up to $70 million (the "New Debt Facilities"), the facility is a club of banks with Bank of Ireland acting as the agent bank replacing a short-term debt facility.
The New Debt Facilities comprise a $40 million term facility (the "Term Facility"), a $10 million revolving credit facility (the "RCF") and a $20 million uncommitted acquisition facility (the "Uncommitted Acquisition Facility"). The New Debt Facilities have a three-year term with an option to extend by up to an additional two years, 50% of the Term Facility will be amortised on a quarterly basis across 36 months. The New Debt Facilities carry an interest rate of LIBOR plus an opening margin of 2% per annum reducing the debt cost from a LIBOR plus 5% on the short-term debt facility.
On the 19th of November 2019, the Company agreed a short-term debt facility to finance its acquisition of LTMI Holdings from Unikmind Holdings Limited (the "Term Loan"), with a view to replacing the Term Loan with a long-term facility from a commercial bank. The Term Facility will now be used to repay the $40 million previously drawn from the Term Loan.
Moran Laufer, Chief Financial Officer of Kape, commented:
"We are pleased to have secured this debt facility with Citi, Barclays and Bank of Ireland, with the support of finnCap, which not only supports our recent acquisition but further strengthens our balance sheet providing additional growth capital. This is a strong signal of support for Kape's long-term success driven by its SaaS business model. We look forward to working alongside the Banks as we seek to create further value for all our key stakeholders as we expand our market reach."
Enquiries:
Kape Technologies plc Ido Erlichman, Chief Executive Officer Moran Laufer, Chief Financial Officer
| via Vigo Communications |
Shore Capital (Nominated Adviser & Broker) Mark Percy / Toby Gibbs / James Thomas
| +44 (0)20 7408 4090 |
N+1 Singer (Joint Broker) Harry Gooden / George Tzimas
|
+44 (0)20 7496 3000 |
Vigo Communications (Financial Public Relations) Jeremy Garcia / Antonia Pollock / Fiona Norman kape@vigocomms.com | +44 (0)20 7390 0237 |
finnCap Group Plc (Debt Advisory) Graham Cooke/Alistair Hay/Krishan Raval | +44 (0)20 3772 4705 |
About Kape
Kape is a leading 'privacy-first' digital security software provider to consumers. Through its range of privacy and security products, Kape focusses on protecting consumers and their personal data as they go about their daily digital lives.
To date, Kape has over 2 million paying subscribers, supported by a team of over 350 people across eight locations worldwide. Kape has a proven track record of revenue and EBITDA growth, underpinned by a strong business model which leverages our digital marketing expertise.
Through our subscription-based platform, Kape has fast established a highly scalable SaaS-based operating model, geared towards capitalising on the vast global consumer digital privacy market.
www.kape.com
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