Idox finalises new multi-year borrowing facilities

Specialist information management software provider ldox confirmed on Thursday that, as expected in its year-end trading update on 25 November, it has successfully finalised new multi-year committed borrowing facilities.

The AIM-traded firm said new banking arrangements were agreed with NatWest, Silicon Valley Bank and Santander for a three-year term ending December 2022, with an option to extend for two one-year renewal periods.

It said the new arrangements were on improved commercial terms, and included a larger overall facility, incorporating a £35m revolving credit facility with the option for further borrowings of £10m under an accordion arrangement.

The previous facilities provided by NatWest and Silicon Valley Bank would be fully discharged and cancelled.

“Having undertaken a competitive tender process, we are delighted to have added Santander to our banking consortium,” said chief executive officer David Meaden.

“These new, larger financial arrangements on improved terms bring further stability to our group and, whilst we have no current plans to draw down the additional element of these facilities, they give us flexibility to finance and execute on growth strategies in our core public-sector software markets whilst maintaining our focus on strong margins and cash generation.”

At 1635 GMT, shares in Idox were up 2.09% at 34.2p.