Accesso Technology group PLC (LON:ACSO), a ticketing and service provider for leisure attractions, has increased its banking facility with Lloyds (LON:LLOY) to US$25mln and has a further US$10mln for potential M&A (merger and acquisition) investments.
It gives the tech group more financial headroom and replaces the previous US$22mln facility, which was due to be reduced to US$8mln in November this year.
The new facility also has improved terms - with an improved drawdown rate of 1.35% interest above LIBOR and is also provided with improved covenants at an improved commitment rate.
John Alder, accesso's chief financial officer, told investors: "The improved terms and increased drawdown facility say a great deal about the financial track record and revenue visibility we have built and we can now continue to pursue our stated growth strategy, comfortable in the knowledge that the flexibility for important investments is secure and open to us."
The facility will terminate on March 11, 2019 but can be extended for a year. The previous facility was due to expire at the end of 2017.
Lloyds said: "Accesso is a strong, innovative company, led by a team that has built a proven track record. We have been proud to support the senior management team since 2013 and we are excited to continue to play our part in accesso's future plans."