IDOX PLC New Banking Facilities (4537X)
December 19 2019 - 2:00AM
UK Regulatory
TIDMIDOX
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 GBP35 million
revolving credit facility with the option for further borrowings of
GBP10 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
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END
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