Videogames services company Keywords Studios PLC (AIM:KWS, OTC:KYYWF) has signed a new unsecured multicurrency revolving credit facility (RCF) agreement of US$400mln (£310mln) for an initial four-year tenor, with an option to extend the term by a further one-year period on lender consent.
The new facility, supported by a group of seven global lenders, replaces Keywords’ previous €150mln (£130mln) unsecured multicurrency revolving credit facility.
The new facility’s financial covenants remain consistent with the previous facility, with the currency changing from euro to US dollar to match the expected predominant currency of future borrowings.
Chief financial officer Rob Kingston commented: "We are delighted to have finalised this new expanded RCF, which is more appropriately scaled for a business of our size.
“We continue to review a strong pipeline of acquisition candidates and this RCF, together with our strong cash generation, provides the long-term liquidity and flexibility to pursue our growth strategy whilst maintaining a well-balanced mix of equity and debt funding.
“The success of this refinancing demonstrates the strength of the Keywords' credit profile and ability to secure committed funding in the current lending environment."