Escher Group Holdings PLC New Revolving Credit Facility (7692Z)
December 19 2017 - 3:20AM
UK Regulatory
TIDMESCH
RNS Number : 7692Z
Escher Group Holdings PLC
19 December 2017
19 December 2017
Escher Group Holdings plc
New Revolving Credit Facility
Escher Group Holdings plc (AIM: ESCH, "Escher" or "the Group"),
a world leading provider of outsourced, point of service software
for use in the worldwide postal, retail and financial industries,
has secured a new revolving credit facility (the "New RCF") of US$8
million from Bank of Ireland Corporate Banking (Dublin).
This facility replaces an existing term loan and revolving
credit facility arrangement in place since 2012, which will be
repaid in full, reflecting the Group's recent net positive cash
positions. The New RCF has been negotiated on more attractive terms
than the previous arrangement and will further reduce the Group's
financial costs.
The term of the New RCF will extend to October 2021, three years
beyond the maturity of existing arrangements which were due to come
to term in October 2018. The New RCF will be used for general
working capital purposes.
Clem Garvey, Chief Financial Officer, commented:
"We are very pleased to continue our partnership with Bank of
Ireland which has been steadfast in its support over many
years.
"The elimination of the term loan reflects the success of our
strategy of developing cash-generative recurring revenue streams
and the policy to minimise our debt."
Conall Boyle, Senior Manager, Technology Sector at Bank of
Ireland commented:
"Bank of Ireland is delighted to support Escher in the next
phase of its development. We have been working very closely with
the Group over a number of years and look forward to continuing our
support in its growth."
Enquiries:
Escher www.eschergroupholdings.com +353 (0)1 254 5400
Clem Garvey, Chief Financial
Officer
+44 (0)20 7886
Panmure Gordon 2500
Andrew Godber / Alina Vaskina,
Corporate Finance
Erik Anderson, Corporate Broking
+44 (0)20 7457
Instinctif Partners 2077
Adrian Duffield / Chris Birt
[This announcement contains inside information for the purposes
of Article 7 of Regulation (EU) No 596/2014.]
About Escher Group Holdings
Escher is a world-leading provider of outsourced,
point-of-service software for use in the worldwide postal, retail
and financial industries. Its core software, Riposte(R) , a
Transaction Services Platform, enables our customers to expand
their offerings, providing new services, reducing costs and
increasing efficiency. The Riposte(R) Platform securely extends the
retail branch network. Our technology creates new revenue
opportunities, streamlines operations, and its flexibility allows
it to be deployed across multiple platforms and devices, giving the
ultimate freedom of choice when it comes to channel and hardware
selection. Our focus is to ensure the success of our customers by
delivering the very best in innovative technology for their
business.
About Bank of Ireland Group
Bank of Ireland Group is one of the largest financial services
groups in Ireland. The Group provides a broad range of banking and
other financial services. These services include: current account
and deposit services, overdrafts, term loans, mortgages, business
and corporate lending, international asset financing, leasing,
instalment credit, invoice discounting, foreign exchange
facilities, interest and exchange rate hedging instruments, life
assurance, pension and protection products. All of these services
are provided by the Group in Ireland, with selected services being
offered in the UK and internationally.
The Group has the largest network of retail branches and ATM
outlets in Ireland, as well as partnerships in the UK with the Post
Office and the AA, engaged in the provision of consumer financial
services. Corporate Banking and Global Markets conduct the Group's
international business, with offices in Dublin, London and the US,
as well as branches in Paris and Frankfurt.
The Bank of Ireland Group is incorporated in Dublin, Ireland.
Our Group Head Office is located at 40 Mespil Road, Dublin 4, D04
C2N4, Ireland.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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