The three-year facility has been arranged with a syndicate which includes the firm's existing lenders - Barclays, HSBC, Lloyds, The Royal Bank of Scotland, Yorkshire Bank - as well as ING Bank. Each lender has committed £33.5m.
The package replaces Nelson-based Daisy's £140m bank facility and includes a £50m term loan and a £150m revolving credit facility. The company specialises in phone and internet services to business customers. In the year to March 31, 2012 revenues grew 31% to £348.6m, while pre-tax losses narrowed by 5% to £18.8m.
It said the new finance will be used for working capital and to finance more acquisitions in what it considers to be a fregmented market ripe for consolidation.
Chief financial officer Steve Smith said: "We are delighted with the appetite shown by our banking partners to continue to support our strategy and are pleased to welcome ING into our banking arrangement.
Source: The Business Desk
