Escher Group Holdings PLC New Revolving Credit Facility (7692Z)

TIDMESCH

RNS Number : 7692Z

Escher Group Holdings PLC

19 December 2017

19 December 2017

Escher Group Holdings plc

New Revolving Credit Facility

Escher Group Holdings plc (AIM: ESCH, "Escher" or "the Group"), a world leading provider of outsourced, point of service software for use in the worldwide postal, retail and financial industries, has secured a new revolving credit facility (the "New RCF") of US$8 million from Bank of Ireland Corporate Banking (Dublin).

This facility replaces an existing term loan and revolving credit facility arrangement in place since 2012, which will be repaid in full, reflecting the Group's recent net positive cash positions. The New RCF has been negotiated on more attractive terms than the previous arrangement and will further reduce the Group's financial costs.

The term of the New RCF will extend to October 2021, three years beyond the maturity of existing arrangements which were due to come to term in October 2018. The New RCF will be used for general working capital purposes.

Clem Garvey, Chief Financial Officer, commented:

"We are very pleased to continue our partnership with Bank of Ireland which has been steadfast in its support over many years.

"The elimination of the term loan reflects the success of our strategy of developing cash-generative recurring revenue streams and the policy to minimise our debt."

Conall Boyle, Senior Manager, Technology Sector at Bank of Ireland commented:

"Bank of Ireland is delighted to support Escher in the next phase of its development. We have been working very closely with the Group over a number of years and look forward to continuing our support in its growth."

Enquiries:

 
 Escher www.eschergroupholdings.com    [phone] 
 Clem Garvey, Chief Financial 
  Officer 
 
                                       [phone] 
 Panmure Gordon                         2500 
 Andrew Godber / Alina Vaskina, 
  Corporate Finance 
 Erik Anderson, Corporate Broking 
 
                                       [phone] 
 Instinctif Partners                    2077 
 Adrian Duffield / Chris Birt 
 

[This announcement contains inside information for the purposes of Article 7 of Regulation (EU) No 596/2014.]

About Escher Group Holdings

Escher is a world-leading provider of outsourced, point-of-service software for use in the worldwide postal, retail and financial industries. Its core software, Riposte(R) , a Transaction Services Platform, enables our customers to expand their offerings, providing new services, reducing costs and increasing efficiency. The Riposte(R) Platform securely extends the retail branch network. Our technology creates new revenue opportunities, streamlines operations, and its flexibility allows it to be deployed across multiple platforms and devices, giving the ultimate freedom of choice when it comes to channel and hardware selection. Our focus is to ensure the success of our customers by delivering the very best in innovative technology for their business.

About Bank of Ireland Group

Bank of Ireland Group is one of the largest financial services groups in Ireland. The Group provides a broad range of banking and other financial services. These services include: current account and deposit services, overdrafts, term loans, mortgages, business and corporate lending, international asset financing, leasing, instalment credit, invoice discounting, foreign exchange facilities, interest and exchange rate hedging instruments, life assurance, pension and protection products. All of these services are provided by the Group in Ireland, with selected services being offered in the UK and internationally.

The Group has the largest network of retail branches and ATM outlets in Ireland, as well as partnerships in the UK with the Post Office and the AA, engaged in the provision of consumer financial services. Corporate Banking and Global Markets conduct the Group's international business, with offices in Dublin, London and the US, as well as branches in Paris and Frankfurt.

The Bank of Ireland Group is incorporated in Dublin, Ireland. Our Group Head Office is located at 40 Mespil Road, Dublin 4, D04 C2N4, Ireland.

This information is provided by RNS

The company news service from the London Stock Exchange

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December 19, 2017 04:20 ET (09:20 GMT)