NCC secures £162.5m in borrowing facilities

20th Dec 2022 12:51

(Sharecast News) - Cyber security provider NCC said on Tuesday that it has secured £162.5m in borrowing facilities to fund future strategy and further growth.

The company has agreed a new four-year £162.5m multi-currency revolving credit facility maturing December 2026, together with a £75m uncommitted accordion option, provided by National Westminster Bank, HSBC, ING Bank & Fifth Third Bank.

The facilities replace NCC's previous £100m multi-currency revolving credit facility and $70m term loan with all the same banks bar Fifth & Third.

Chief financial officer Tim Kowalski said: "We continue to demonstrate effective cash management and our balance sheet strength enables us to continue to fund organic and inorganic opportunities as they arise.

"This new facility, which adds another established institutional lender to our banking group, will provide NCC Group with additional firepower and flexibility as we evolve our strategy in 2023."