Kape Technologies PLC New Bank Facility (1152A)
May 28 2021 - 1:00AM
UK Regulatory
TIDMKAPE
RNS Number : 1152A
Kape Technologies PLC
28 May 2021
28 May 2021
Kape Technologies plc
("Kape," the "Group" or the "Company")
New Bank Facility
Debt Facility provides Kape support for future growth
Kape (AIM: KAPE), the digital security and privacy software
business, announces it has entered into an agreement with its
existing bank syndicate of Bank of Ireland, Barclays Bank PLC and
Citi Commercial Bank, as well as three new banks being Citizens
Bank, BNP Paribas and Leumi Bank (together, "the Banks"), to
provide new senior secured bank facilities of up to $220 million
("New Debt Facilities"). The New Debt Facilities comprise a $120
million senior secured term facility (the "Term Facility"), a $10
million revolving credit facility (the "RCF") and a $90 million
uncommitted acquisition facility (the "Uncommitted Acquisition
Facility"). Bank of Ireland is the agent bank. The New Debt
Facilities will replace all Kape's existing loan facilities.
The New Debt Facilities have a three-year term with an option to
extend by up to an additional two years. Funding is expected to
take place next week. 50% of the Term Facility will be amortised on
a quarterly basis across 36 months. The New Debt Facilities carry a
margin of 2% above Applicable Reference Rate per annum reducing the
debt cost from the 6% interest on the existing subordinated bridge
loan.
On 5 March 2021, the Company announced that in order to finance
its acquisition of Webselenese Ltd., it had entered into a bridge
loan facility with TS Next Level Investments Limited, an affiliate
of Unikmind Holdings Limited (the "Bridge Loan"), with the stated
intention of replacing the Bridge Loan with a long-term facility
from commercial banks. The proceeds of the Term Facility will now
be used to repay in full and cancel each of the Bridge Loan and the
Company's existing US$40 million term facility. The company's net
debt to Pro-forma EBITDA ratio is c. 1.6x.
Moran Laufer, Chief Financial Officer of Kape, commented:
"We are pleased to have broadened our relationships with Bank of
Ireland, Barclays Bank PLC and Citi and to welcome three new banks,
Citizens Bank, BNP Paribas and Leumi Bank, as Kape continues to
progress on its exciting growth trajectory. This ongoing support
from top tier global financial institutions is a clear endorsement
of our strategy and gives us the firepower to further execute on
our expansion. We continue to remain acutely focused on growing our
market reach and creating value for all our stakeholders."
Enquiries:
Kape Technologies plc via Vigo Consulting
Ido Erlichman, Chief Executive Officer
Moran Laufer, Chief Financial Officer
Shore Capital (Nominated Adviser & Broker)
Mark Percy / Toby Gibbs / James Thomas / Michael +44 (0)20 7408
McGloin 4090
Stifel Nicolaus Europe Limited (Joint Broker)
Alex Price / Brad Topchik / Alain Dobkin / +44 (0) 20 7710
Richard Short 7600
Vigo Consulting (Financial Public Relations)
Jeremy Garcia / Antonia Pollock +44 (0)20 7390
kape@vigoconsulting.com 0237
About Kape
Kape is a leading 'privacy-first' digital security software
provider to consumers. Through its range of privacy and security
products, Kape focuses on protecting consumers and their personal
data as they go about their daily digital lives.
To date, Kape has over 2.6 million paying subscribers, supported
by a team of over 420 people across eight locations worldwide.
Through its subscription-based platform, Kape has fast
established a highly scalable SaaS-based operating model, geared
towards serving the vast global consumer digital privacy
market.
www.kape.com
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