3 Sep 2020 07:00
03 September 2020
Micro Focus International plc
Extension of Revolving Credit Facility
Micro Focus International plc ("Micro Focus" or "the Company") is pleased to announce the revision and extension of its revolving credit facility ("RCF") to June 2024.
In extending the facility, the Board has taken the opportunity to review the Group's borrowing requirements in the light of the strong cash generation of the business. The Board has elected to repay the $175 million of the RCF which was previously drawn as a precautionary measure in March 2020, and has reduced the size of the RCF to $350 million. These actions reduce the Company's gross debt and costs associated with the facility.
As at 31 August 2020, the Group had cash and cash equivalents of approximately $700 million, which combined with the extended facility provides the Group with total liquidity of approximately $1,050 million, with no maturity dates on Group facilities prior to June 2024.
Enquiries:
Micro Focus Tel: +44 (0)1635 32646
Stephen Murdoch, CEO Investors@microfocus.com
Brian McArthur-Muscroft, CFO
Ben Donnelly, Head of Investor Relations
Brunswick Tel: +44 (0) 20 7404 5959
Sarah West MicroFocus@brunswickgroup.com
Jonathan Glass
Notes to Editors:
About Micro Focus
Micro Focus (LSE: MCRO.L, NYSE: MFGP) is a global enterprise software company supporting the technology needs and challenges of the Global 2000. Our solutions help organizations leverage existing IT investments, enterprise applications and emerging technologies to address complex, rapidly evolving business requirements while protecting corporate information at all times. Our product portfolios are Security, IT Operations Management, Application Delivery Management, Information Management & Governance and Application Modernization & Connectivity. For more information, visit: www.microfocus.com