Shares of business process outsourcing firm, iEnergizer (LON: IBPO) are trading higher on Wednesday after the company announced it has entered into a credit agreement for a new five-year senior secured term loan facility.
The facility’s aggregate amount is $165 million, including a $15 million revolving credit facility.
“The Facility has been secured on significantly more attractive commercial terms and rates of 3.75 per cent plus LIBOR, compared to the existing debt facility, which it is replacing and had a minimum 7.00 per cent interest rate,” iEnergizer said.
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The company stated that it remains highly cash generative, with a strong balance sheet and that its new facility will not restrict dividend payments with the board intending to maintain its existing dividend policy going forward.
iEnergizer intends to use the facility to increase debt use within the capital structure with existing facilities having already been substantially repaid.
“The Board intends to utilise the additional financing now available to return cash to shareholders. A further announcement on a return of cash to shareholders will be made in due course,” iEnergizer added.
The company’s shares are trading 14.47% higher at the time of this publication, priced at 310p.
