Sportstech refresh their financial system with Lloyds banking Group
6th January, 2010
Sportstech, an operator powering The New Footbal Pools has gone into a partnership with the Lloyds banking group in order to receive improved banking facilities of up to £90.75 million.
This facility is to be constructed of £87.75 million senior facility term loans maturing in June of 2013 meanwhile £3 million is set to be composed of working capital.
Sportstech has stated that these improved banking facilities will aid the company to develop further whilst presenting them with additional business opportunities.
Having been in discussions with the Lloyds Banking Group for several weeks, Sportstech have stated that their net debt amounts to £81.5 Million and have amended their agreement in order to pay an upfront fees amounting to a sum of £900,000 whilst pledging to use a portion of the revised term loan in order to fund business development.
Ian Penrose, Chief Executive Officer for Sportech commented saying: “We are pleased to have agreed this position with the Lloyds Banking Group, which has been very supportive throughout this process,”
By Jamie
