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Learning Technologies replaces Barclays with California -based tech bank SVB

SVB will provide Learning Tech with a new £20 mln facility
picture of SIlicon Valley sign
SVB specialises in tech companies

Learning Technologies Group Plc (LON:LTG) has replaced its current bank Barclays with the tech focused and California –based Silicon Valley Bank (SVB).

An e-learning specialist, Learning Tech has just completed the acquisition of management software group NetDimensions for £54mln.

Rosh Wijayarathna, a director at Silicon Valley Bank, who led the deal, said: "The NetD acquisition further diversifies LTG's footprint both geographically and vertically in the regulatory space, and LTG's management excel in their ability to integrate acquisitions at speed. The metrics continue to be very impressive.”

SVB will provide Learning Tech with a new £20 mln facility comprising a £10mln term loan and £10mln revolving credit facility, both available for five years.

It added it will not now need a £5mln unsecured loan put up by chairman Andrew Brode.

Barclays had previously provided a US$16mln debt facility.

Jonathan Satchell, LTG’s chief executive, said:  Silicon Valley Bank's passion for the technology sector and ability to move quickly is a strong reflection of its expertise.

We have been very impressed with the team and are especially pleased to incorporate a partner who can support our growth aspirations globally."

 

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December 07 2016

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