Newry-headquartered technology company First Derivatives said it has agreed extended bank facilities of £130 million (€147.7 million) as it plans its future growth. The new five-year facilities, which are being arranged by Bank of Ireland with participation from Barclays, First Trust Bank and Silicon Valley Bank, include a term loan of £65 million and a revolving loan facility of £65 million. The new arrangements will refinance the group’s existing borrowings, and will also be partly used to finance the previously announced acquisition of the minority shareholding in Kx Systems. The company said in November it would take 100 per cent ownership of Kx Systems by the end of June 2019. “The extended bank facilities provide certainty regarding our funding requirements and the flexibility, should it be required, to act quickly to advance our growth plans,” said Brian Conlon, chief executive of FD.

Source: The Irish Times February 06, 2019 07:18 UTC