|
Auction Technology Group PLC on Monday said it completed the refinancing of its senior term and revolving credit facilities. The London-based auction market operator and technology company said it has entered into a new $200 million revolving credit facility with a syndicate of five leading banks. The new facility has a four-year term, with a one-year extension option, and replaces the previous facilities which were due to mature in 2026. The refinancing ‘enhances’ the group’s financial flexibility and extends the maturity of its debt, the firm said. Auction Technology pointed out the new facility is initially priced at a margin of 200 basis points over the secured overnight financing rate, which represents a reduction compared to the previous facilities. Chief Executive John-Paul Savant said: ‘We are pleased to have successfully completed this refinancing, which strengthens our capital structure and provides a more efficient funding arrangement for the company. The transaction demonstrates the confidence of our lenders in our business and ongoing strategic initiatives.’ Auction Technology was advised by Deutsche Numis on the transaction. Shares in Auction Technology were 0.7% higher at 591.00 pence each in London on Monday morning. Copyright 2025 Alliance News Ltd. All Rights Reserved.
|
