StatPro extends finance facilities with Wells Fargo
By Josh White
Date: Tuesday 16 Apr 2019
(Sharecast News) - Cloud-based portfolio analytics and asset pricing service provider StatPro Group has increased and extended its financing facilities with Wells Fargo Capital Finance, it announced on Tuesday.
The AIM-traded company said the facility was increased by adding an additional £5.2m of committed facility and an additional £6 m of uncommitted capital.
It said the secured financing facility was available for acquisitions, share buy-backs and general corporate purposes.
Following the increase, the total facilities were approximately £49.1m, comprising a £10m committed revolving credit facility, £29.1m in committed term or deferred drawdown multi-currency loans, and a £10m uncommitted additional facility.
The term for the committed facility was extended to April 2024, subject to compliance with agreed covenants, primarily linked to recurring revenue, adjusted EBITDA and available liquidity.
StatPro said the financing costs were being amortised over the term of the loan.
"This increase and extension in our flexible financing facilities provide additional capacity for financing future acquisitions and also further strengthens the group's long-term financial structure," said chief executive officer Justin Wheatley.
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