Kape Technologies PLC New Bank Facility (7160G)
March 19 2020 - 2:00AM
UK Regulatory
TIDMKAPE
RNS Number : 7160G
Kape Technologies PLC
19 March 2020
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 19(th) 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 via Vigo Communications
Ido Erlichman, Chief Executive Officer
Moran Laufer, Chief Financial Officer
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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END
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