One Media IP Group PLC - Iver, England-based digital music rights acquirer, publisher and distributor - Refinances its £1.9 million outstanding unsecured loan notes held by British Growth Fund, which carried a fixed interest rate of 7%. Says the refinancing is by way of a secured facility from Coutts & Co and is priced at base rate plus 3.5%, amortising on a straight-line basis over five years. The facility is on ‘more traditional’ bank lending terms and contains fewer restrictions on the operations of the business, it adds.
Chief Executive Michael Infante comments: ‘We’re pleased to have completed this refinancing, in particular with the endorsement of a bank of Coutts’s reputation, which gives us greater operational flexibility as we continue to work towards our strategic ambitions.’
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