Escher Group secures new $8m revolving credit facility

AIM-listed Escher Group, which provides outsourced, point of service software for use in the postal, retail and financial industries, has secured a new $8m revolving credit facility from Bank of Ireland Corporate Banking.

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. Escher said the new facility has been negotiated on more attractive terms than the previous arrangement and will further reduce its financial costs.

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

Chief financial officer Clem Garvey said: "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."