Accesso agrees new $40m facility with HSBC

Leisure and entertainment sector-focussed Accesso Technology announced the establishment of a new banking facility with HSBC on Tuesday.

The AIM-traded company said the new agreement included a $40m revolving credit facility with a term of four years, extending to May 2027.

In addition, Accesso was granted a $20m accordion option, which could be used in line with its strategic medium-term plan.

The transaction was facilitated with the assistance of Numis, who acted as the debt advisor.

Accesso said the new facility replaced its previous undrawn £18m arrangement with Investec, which was set to expire in March next year.

As a result of securing the HSBC facility, Accesso had decided to cancel its existing agreement with Investec.

“I'm very pleased to have agreed this new facility with HSBC,” said chief executive officer Steve Brown.

“We are making excellent progress in delivering our growth plan, and this agreement increases our resilience while enhancing our ability to execute value accretive acquisitions where we see the potential to advance our plan more quickly.

“I'd like to welcome HSBC as an Accesso partner and thank them for their support.”

At 1429 BST, shares in Accesso Technology Group were up 0.84% at 711.91p.

Reporting by Josh White for Sharecast.com.