Molten Ventures PLC - London-based venture capital firm focused on technology companies - Agrees new £150 million net asset value facility with JP Morgan Chase Bank NA and Silicon Valley Bank. The debt facility comprises a £90 million terms loan and a revolving credit facility of up to £60 million on a three and two year basis, respectively. Both have one-year extensions for up to five years and the interest rate is sterling overnight index average plus a margin of 5.5% per year.
Adds that the debt facility will be used for investment and corporate purposes and to repay the company’s existing £65 million facility with SVB and Investec PLC.
Chief Executive Martin Davis comments: ‘The debt facility has been scaled to realign our capital structure with our previously stated target of 10% of portfolio value and provides increased funding flexibility.’
Current stock price: 319.60 pence
12-month change: down 73%
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