Sumo Group revises and expands Clydesdale Bank facility

Video games and entertainment design, development and publishing service provider Sumo Group has agreed a revised revolving credit facility with Clydesdale Bank, it announced on Wednesday.

The AIM-traded firm said the agreement was through a deed of amendment and restatement dated 26 October, to the revolving credit facility agreement dated 15 December 2017, as was amended and restated in September last year.

The board said the principal changes to the facility were the increase to £45m from £30m, the extension from 30 November 2022 to 30 November 2023, and the waiver of a delisting following an acquisition by Sixjoy Hong Kong, a subsidiary of Tencent Holdings, as a cancellation event.

“Interest is now payable on amounts drawn down at the rate of 1.75% to 2.25% above sterling overnight index average compounded in arrears, with lag for amounts drawn in sterling, above the Secured Overnight Financing Rate for amounts drawn in dollars, and above the Euro Interbank Offered Rate for amounts drawn in euros,” the board said in its statement.

“At 26 October, the facility was drawn $5.5m.”

At 0912 BST, shares in Sumo Group were up 0.4% at 492.98p.