Corero Network Security enters new £3m borrowing facility

Cybersecurity and defence company Corero Network Security has entered into a new borrowing facility for up to £3m with its existing banking partner, it announced on Thursday.

The AIM-traded firm said the new borrowing facility comprised a drawn £2.0m term loan facility and an undrawn £1.0m revolving credit facility, for a three-year term; with terms and conditions “at par or better” than its existing facility.

“The net proceeds of this new facility will be used for working capital purposes and the company's on-going investment programme to support Corero's growth strategy through to profitability,” the board said in its statement.

At 1023 BST, shares in Corero Network Security were down 5.26% at 13.5p.