LONDON (ShareCast) - (Sharecast News) - Science Group updated the market on its negotiations for a new bank revolving credit facility with Lloyds Bank on Friday, reporting that they had now successfully concluded.
The AIM-traded firm said the new facility would provide additional capital resources to enable the execution of its acquisition strategy.

It said the facility was for up to £25m, with an additional £5m accordion option, for a term of four years with a one year extension.

The margin on drawn sums would be 3.3% over the Sterling Overnight Index Average (SONIA), and was 1.1% per annum on undrawn amounts.

Drawn amounts were secured on the group's assets by debentures.

The board said the facility was in addition to the company's existing term loan, which expires in 2026.

As at 30 November, the amount outstanding on the term loan was £15.7m.

"With the group's existing cash, enhanced by the placing in September, the term loan and the new revolving credit facility, Science Group has significant resources to pursue corporate development opportunities," the board said in its statement.

At 0833 GMT, shares in Science Group were up 1.11% at 455p.

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