Accesso Technology Renews Loan and Gets $35 Million From Lloyds Bank

LONDON--Accesso Technology Group PLC (ACSO.LN) Tuesday said it will get a $35 million loan from Lloyds Banking Group PLC (LLOY.LN), as part of an early renewal of and extension to its existing facility with the bank.

The technology solutions provider to leisure, entertainment and cultural markets said the new facility replaces the previous $22 million loan, which was subject to a step down to $8 million in November this year, and provides an increased drawdown facility of $25 million, plus an additional $10 million for potential merger and acquisitions investments.

"The new facility improves the flexibility with which the group can consider future product or merger and acquisitions investments, in-line with its stated strategy," the company said.

The new facility is secured on Accesso's assets and intellectual property in the U.S. and U.K., which was consistent with the previous facility, the company said, adding that it is due to expire on March 11, 2019, with an opportunity to get further extended until March 11, 2020.

Write to Olga Cotaga at [e-mail], Twitter @OlgaCotaga

(END) Dow Jones Newswires

March 15, 2016 03:49 ET (07:49 GMT)

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