Arena Events Group (LON: ARE) announced on Wednesday that it has agreed with Lombard Odier Investment Management (LOIM) to repay and cancel the short-term financing facility.
LOIM, a significant shareholder in Arena Events Group, provided the short-term financing facility back in 2019.
Arena Events said the decision announced today will reduce its ongoing finance costs by approximately £0.4 million annually.
The principal amount drawn under the facility is £2 million, which was due for repayment on 25 September 2021 and was repaid in full on 20 July 2021, along with £0.5m of compound interest.
The company used existing cash resources to make the repayment. As of 19 July this year, its cash resources stood at £27 million.
Arena Events Group shares are down 1.85% at 15.2p so far on Wednesday.
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