Business
Loan Note restructuring to support rapid growth
Loan Note restructuring to support rapid growth.
About this update from Ondo Insur Tech Plc
[{"type":"text","content":"\n\n11 July 2023\nOndo InsurTech Plc\n(\"Ondo\" or \"the Company\")\nOndo InsurTech agrees Loan Note restructuring to support rapid growth.\n \n \nOndo InsurTech Plc (\"Ondo\"), the London-listed leader in claims prevention technology for home insurers, is pleased to announce that it has agreed a restructuring of its 5-year loan notes with its largest shareholder, Homeserve Assistance Limited (\"Homeserve\"), providing additional non-dilutive financing flexibility for continued rapid roll-out of the LeakBot system.\n \nThese loan notes, which are interest-free until 21 March 2024 form part of the consideration for the acquisition of the Leakbot business from Homeserve as set out in the prospectus dated 21 March 2022. \n \nThe key elements of this restructuring are:\n \n· Interest due from 31 March 2024 to 31 March 2025 rolled up and deferred.\n· First repayment of principal deferred from 31 March 2025 to 31 March 2026\n· Final redemption extended by 1 year to 31 March 2029\n· Interest rate increased from 10% to 12% from 31 March 2024\n \nThe loan notes remain redeemable by Ondo by refinancing or repayment with 10 days' notice.\n \n \nCraig Foster, CEO of Ondo InsurTech Plc, says: \"The financial flexibility provided by these terms granted by our largest shareholder supports our accelerated drive to profitability as we initiate contract roll-outs in Denmark, Sweden, the UK and the USA.\" \n \n \nEnquiries\nFor further information, please visit www.ondoplc.com or contact the following: \n\n\n\nOndo InsurTech Plc\nCraig Foster, Chief Executive Office\n \n\n\n \n+44 (0) 800 783 9866\n\n\n\n\nBroker\nSI Capital Ltd\nNick Emerson\nJon Levinson\n\n\n \n+44 (0) 1483 413500\n+44 (0) 20 3143 0600\n\n\n\n\nPublic & Investor Relations\nCassiopeia Services Ltd\nStefania Barbaglio\n\n\n \n \n+44 (0) 7949 690338\n\n\n\n \nAbout Ondo InsurTech Plc\nOndo InsurTech Plc is on a mission to become the world's leading provider of claims prevention technology for home insurers. Ondo's focus is on the global scale-up of LeakBot - an end-to-end internet of things solution which protects homes from the impact of water d...