NCC Group PLC New facilities to fund future strategy and growth (2328K)
December 20 2022 - 1:00AM
UK Regulatory
TIDMNCC
RNS Number : 2328K
NCC Group PLC
20 December 2022
20 December 2022
NCC Group plc
New GBP162.5m borrowing facilities to fund future strategy and
further growth
NCC Group plc (LSE: NCC, "NCC Group" or "the Group"), a leading
independent global cyber security and resilience provider, is
pleased to announce that it has agreed a new four-year GBP162.5m
multi-currency revolving credit facility maturing December 2026,
together with a GBP75m uncommitted accordion option, provided by
National Westminster Bank plc, HSBC UK Bank plc, ING Bank N.V &
Fifth Third Bank, N.A.
The facilities replace the Group's previous GBP100m
multi-currency revolving credit facility and $70m term loan with
National Westminster Bank plc, HSBC UK Bank plc & ING Bank N.V,
which had an expiry date of June 2024.
The Group remains prudently leveraged, with net debt as of 30
November 2022 amounting to c.GBP55m following the acquisition of
IPM in June 2021 for $216.1m. The facilities are unsecured, and the
interest rate of the facility is on a ratchet mechanism with a
margin payable above SONIA & SOFR in the range of 1.00% to
2.25% depending on the level of the Group's leverage.
Tim Kowalski, CFO, commented:
"We continue to demonstrate effective cash management and our
balance sheet strength enables us to continue to fund organic and
inorganic opportunities as they arise. This new facility, which
adds another established institutional lender to our banking group,
will provide NCC Group with additional firepower and flexibility as
we evolve our strategy in 2023. I would like to thank our existing
banking group for their continued support, and welcome Fifth Third
Bank, N.A."
Enquires:
NCC Group ( www.nccgroupplc.com
)
Mike Madison, CEO/Tim Kowalski,
CFO +44 (0)161 209 5432
H/Advisors Maitland
Sam Cartwright +44 (0)20 7379 5151
About NCC Group plc
NCC Group exists to make the digital world safer and more
secure.
Our vision is to be the leading cyber resilience provider
globally, trusted to protect and secure our customers' critical
assets and sought-after for our complete people-led,
technology-enabled cyber resilience solutions that enable our
customers to thrive.
Our four values are: We work together; we are brilliantly
creative; we embrace difference, and we take responsibility.
As global experts in cyber security and risk mitigation, NCC
Group is trusted by over 14,000 customers worldwide to protect
their most critical assets from the ever-changing threat landscape.
With the company's knowledge, experience and global footprint, it
is best placed to help organisations assess, develop and manage
their cyber resilience posture. To support its mission, NCC Group
continually invests in research and innovation, and is passionate
about developing the next generation of cyber scientists. With over
2,400 colleagues in 12 countries, NCC Group has a significant
market presence in North America, Europe and the UK, and a growing
footprint in Asia Pacific with offices in Australia, Japan and
Singapore.
Cautionary note regarding forward-looking statement
This announcement includes statements that are forward-looking
in nature. Forward-looking statements involve known and unknown
risks, assumptions, uncertainties, and other factors which may
cause the actual results, performance, or achievements of the Group
to be materially different from any future results, performance or
achievements expressed or implied by such forward-looking
statements. Except as required by the Listing Rules, Disclosure and
Transparency Rules and applicable law, the Group undertakes no
obligation to update, revise or change any forward-looking
statements to reflect events or developments occurring on or after
the date such statements are published.
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