Business
New Bank Facility
New Bank Facility.
About this update from Catalyst Media Group Plc
[{"type":"text","content":"\n Catalyst Media Group PLC\n28 August 2007\n\n\n Catalyst Media Group plc ('Catalyst' or the 'Company')\n\n New Bank Facility\n\nThe Board of Catalyst is pleased to announce that on 24 August 2007, it entered\ninto an agreement for a new £4.835 million loan facility ('Facility') out of\nwhich it has drawn down £3.91 million provided by National Westminster Bank plc\n('NatWest').\n\nThe funds drawn down under the Facility have been applied to the repayment in\nfull of the existing debt that the Company had in place with Investec Bank (UK)\nLimited ('Investec') including an early redemption premium.\n\nAs a consequence, under the terms of the facility with Investec, Investec is no\nlonger entitled to exercise its warrant in respect of the Company's wholly owned\nsubsidiary, Catalyst Media Holdings Limited ('CMHL').\n\nThe Facility is repayable on or by 31 December 2010 and is secured against the\nassets of CMHL and Alternateport Limited, a wholly owned subsidiary of CMHL.\n\nThe existing £4 million facility (of which £3.5 million has been drawn down)\nprovided by North Atlantic Smaller Companies Investment Trust PLC ('NASCIT') and\nOryx International Growth Fund Limited, details of which were announced on 10\nApril 2007, has now been amalgamated into NASCIT only and they have taken a\nsecond security position to NatWest.\n\nFollowing these transactions the total debt outstanding for the CMG Group will\nbe approximately £7.5 million.\n\nEnquiries:\n\nCatalyst Media Group plc\nMichael Rosenberg/Anna Prestwich\nTel: 020 7927 6699\n\nStrand Partners Limited\nJames Harris/Angela Peace\nTel: 020 7409 3494\n\n\n\n This information is provided by RNS\n The company news service from the London Stock Exchange \n ","length":1803,"tagName":"div"}]