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Auction Technology successfully refinances debt facilities
(Sharecast News) - Online marketplace operator Auction Technology said on Monday that it has successfully completed the refinancing of its senior term and revolving credit facilities. Auction Technology said it has entered into a new $200.0m RCF with a syndicate of five banks. It said the new facility has a four-year term, with a one-year extension option, and replaces previous facilities due to mature in 2026.
The FTSE 250-listed firm stated the refinancing has enhanced its "financial flexibility" and extended the maturity of its debt. It also noted that the new facility was initially priced at a margin of 200 basis points over the Secured Overnight Financing Rate, which represents a reduction compared to its previous facilities.
Chief executive John-Paul Savant said: "We are pleased to have successfully completed this refinancing, which strengthens our capital structure and provides a more efficient funding arrangement for the company. The transaction demonstrates the confidence of our lenders in our business and ongoing strategic initiatives."
As of 0845 GMT, Auction Technology shares were up 0.68% at 591.0p.
Reporting by Iain Gilbert at Sharecast.com
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