Network Data secures £4.5m funding facility

Network Data Holdings has secured new banking facilities with Bank of Scotland Corporate.

They include a 10-year term loan of £3.5m to refinance existing debt and to provide additional working capital and an overdraft facility of £1m for working capital purposes.

In a statement issued today, Network Data says that the new facilities are a significant improvement on the previous terms available.

The new facilities required a revaluation of the group’s Surrey-based freehold head office, Botleys Mansion, which revealed that the property value has increased to £5m, up from its previous value of £4.7m.

The increase in value, plus depreciation of £94,000 over the past two years, will be added to the balance sheet as at December 31 2007, which will be disclosed in its 2007 full year results announcement on April 1 2008.

The Annual General Meeting of the group is scheduled to take place on April 24 at Botleys Mansion.

Richard Griffiths, chief executive of Network Data, says: “”We are very pleased to announce the new banking facilities with Bank of Scotland Corporate as it refinances all the existing group debt on more advantageous terms and provides additional working capital funding.

“The new facilities are more in line with the group’s long-term ambitions in addition to providing improved terms during a period of uncertainty in the debt markets.”