Business
WANdisco secures credit facility with HSBC
WANdisco secures credit facility with HSBC.
About this update from Cirata Plc
[{"type":"text","content":"\n \nRNS Number : 2245O WANdisco Plc 05 August 2014 \n\n \n \n \n5 August 2014\nWANdisco plc\n \nWANdisco secures credit facility with HSBC\n$10m committed debt funding to finance company expansion\n \nLondon, UK - WANdisco plc (LSE: WAND, \"WANdisco\"), has agreed a $10m revolving credit facility with HSBC Bank plc (\"HSBC\"), available until 31 March 2017.\n \nThe funds available through the facility will be used to finance WANdisco's continued expansion in the Big Data market, including product development and go-to-market activities.\nThe interest rate on funds drawn down under the facility will be 1.2% above the prevailing LIBOR interest rate.\nPaul Harrison, WANdisco Chief Financial Officer, commented: \"I am pleased that HSBC has committed this credit facility to WANdisco. The reliability, predictability and high growth potential of our subscription-based business model enabled us to secure this credit facility on attractive terms. HSBC's involvement, alongside our equity investors, diversifies our financing options as we expand in the Big Data marketplace, a marketplace that is attracting corporate investments on a significant scale.\" \nHSBC's evaluation concluded that WANdisco represents an attractive lending proposition, linked to a significant market opportunity in the rapidly evolving Big Data market. \nHSBC Head of Corporate Banking in the UK, Dan Howlett, added: \"I am delighted that we have taken this opportunity to support WANdisco. We were sufficiently impressed with the company's growth prospects to make a commitment at investment-grade interest rates. This transaction shows our support for emerging technology - a market we consider to have high potential.\"\n \nFor further information please contact:\n \n\n\n\n\nWANdisco plc\n\n\nvia FTI Consulting LLP\n\n\n\n\nDavid Richards, Chief Executive Officer\nPaul Harrison, Chief Financial Officer\nPhil Branston, VP Corporate Development and Investor Relations\n \n\n\n\n\n\n\n\nFTI Consulting LLP\n\n\n+44 (0)20 3727 1000 \n\n\n\n\nMatt Dixon / Sophie McMillan / Jon Snowball / Roger Newby\n \n\n\n\n\n\n\n\nInvestec Bank plc (Joint Broker and Nominated Adviser)\n\n\n+44 (0)20 7597 4000\n\n\n\n\nChristopher Baird / Dominic Emery \n \n\n\n\n\n\n\n\nUBS Investment Bank (Joint Broker...