New Debt Facility
EnSilica secures £9 million debt facility with Lloyds Bank, refinancing existing loans and extending to November 2029.
- Total Facility £9 million
- Term Loan Facility £3 million
- Revolving Credit Facility £3 million
- Accordion Option £3 million
- Facility Maturity November 2029
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EnSilica, a leading chip maker of mixed signal ASICs (Application Specific Integrated Circuits), is pleased to announce that it has secured a new debt facility to refinance its existing external loan facilities, providing total funding of up to £9 million and extending out to November 2029 (the "Facility").
The Facility has been agreed with Lloyds Bank Group plc, providing the Company with additional flexibility to underpin ongoing working capital commitments, and ensuring that EnSilica can fully capitalise on its existing new business pipeline.
The Facility consists of a three-year £3 million repayment term loan facility and a five-year £3 million revolving credit facility with an accordion option for an additional £3 million subject to credit approval by the lender. The Facility also improves the borrowing costs of the Company. The Facility agreements contain normal market terms and financial covenants.
Kristoff Rademan, Chief Financial Officer of EnSilica, commented:
"We are delighted to have secured a new debt financing package for the business, which strengthens our underlying finances and supports our working capital commitments going forward."
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.