One Media iP Group PLC (AIM:OMIP), the digital music rights acquirer, publisher and distributor, has refinanced its £1.9mln of outstanding unsecured loan notes held by British Growth Fund, which carried a fixed interest rate of 7%.
The refinancing is by way of a secured facility from Coutts & Co. priced at base rate plus 3.5%, amortising on a straight-line basis over five years, the company said in a statement.
While the Coutts facility is secured, it is on more traditional bank lending terms and contains fewer restrictions on the operations of the business, it noted.
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Michael Infante, CEO at One Media iP, commented: "We're pleased to have completed this refinancing, in particular with the endorsement of a bank of Coutts's reputation, which gives us greater operational flexibility as we continue to work towards our strategic ambitions."