reach4entertainment secures new funding deal

25th Sep 2015 08:45

(ShareCast News) - Entertainment group reach4entertainment has agreed a new funding deal with PNC Business Credit, which will be used to refinance its loan with Allied Irish Bank.In June, the London-listed company reached a deal to restructure its £14.6m loan debt with Allied Irish Bank, as it agreed to convert £5.2m of the loan into reach4entertainment shares, with the balance to be repaid in cash.The £9.5m deal with PNC Business Credit will provide the company with working capital and will refinance the Allied Irish Bank loan, the company said on Friday."We are delighted to receive this new debt facility offer from PNC," said group chairman David Stoller."This is an important milestone in our refinancing plans which provides additional clarity over our medium term funding structure. We now look forward to finalising our plans to raise the equity capital required."reach4entertainment shares were down 2.14% to 2.52p at 0901 BST on Friday.