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Kromek Group PLC - Sedgefield, England-based detection technology supplier - Completes the refinancing of its borrowing facility, with the signing of a new £5.5 million secured term loan. The new facility is being provided by Polymer N2 Ltd, a significant shareholder in the company. It has a repayment date of March 27, 2025, with an option to extend for a further 12 months. It carries a fixed interest rate of 9.5%, which is payable quarterly, and Kromek has the option to pay the interest through the issue of new ordinary shares. Chief Executive Arnab Basu says: ‘We are pleased to have completed this financing process and to have secured an enlarged debt facility on more favourable terms than the alternatives on offer. ‘As we said at the time of our full year results, we entered the current financial year with a much-strengthened balance sheet and heightened commercial momentum. With this new financing in place, our position is further improved and, accordingly, we remain on track to deliver strong revenue growth and be Ebitda positive for the full year.’ Current stock price: 3.72 pence each, down 5.7% on Thursday afternoon in London 12-month change: down 56% Copyright 2023 Alliance News Ltd. All Rights Reserved.
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