Network Data agrees refinance deal

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

The company says the new finance package is a significant improvement on its previous arrangements.

It includes a 10-year loan of £3.5m to refinance existing debt and provide additional working capital, and an overdraft facility of £1m.

The move involved a revaluation of the group’s Surrey-based freehold head office, Botleys Mansion, which reveal-ed that its value had increased from £4.7m to £5m.

This increase in value will be added to Network Data’s balance sheet as of December 31 2007 and will be included in the firm’s full-year results for 2007, to be announced on April 1.

Richard Griffiths, chief executive of Network Data, says: “We are pleased to be able to announce these new banking facilities.

“They refinance debt on more ad-vantageous terms and also provide add-itional funding for the network’s work- ing capital.

He adds: “They are also in line with the business’ ambitions in the longer term.”