Micro Focus International agrees new banking facility

17th Jul 2013 09:06

Micro Focus International has agreed to a new 420m dollar banking facility which will be used in part to repay outstanding debt.The new four-year revolving credit facility with Barclays, Clydesdale, HSBC, Lloyds TSB, Santander and the Royal Bank of Scotland, will replace the existing $275m facility with the same group of lenders which was due to expire December 2014.The new facility will be initially used to repay outstanding gross debt under the existing facility which currently stands at $193m.As the end of April, the group had net debt of $177.7m and net debt to adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) ratio of 0.94 times, and gross debt of $215.6m. Shares in the software and information technology were up 1.47% to 761p at 09:20 on Wednesday.RD