Business
Update on Silicon Valley Bank
Update on Silicon Valley Bank.
About this update from Rws Holdings Plc
[{"type":"text","content":"\n \n \n \n \n \n \n \n \n \n \n \n For immediate release 13 March 2023\n \n \n \n \n \n \n \n \n RWS Holdings plc\n \n \n \n \n Update on Silicon Valley Bank\n \n \n \n As at 10 March 2023, RWS Holdings plc (\"RWS\" or \"the Group\") had limited exposure to Silicon Valley Bank (\"SVB\") as set out below:\n \n \n \n \n \n ·\n The Group's $220m Revolving Credit Facility is provided by a syndicate of eight global banks of which Silicon Valley Bank UK Limited (\"SVB UK\") is part, having committed c.10% of the facility. RWS has c.$26m drawn down currently, with SVB's share of the current draw down being $2.7m.\n \n \n \n \n \n ·\n RWS has a small cash position held within SVB in the US which is currently expected to be fully protected under the Federal Deposit Insurance Corporation scheme, which has a coverage limit of $250k.\n \n \n \n \n \n ·\n SVB UK holds a portion of RWS's forward currency contracts. The Group is working through a number of actions to minimise its limited exposure to these contracts.\n \n \n RWS therefore believes that it has limited exposure to SVB. It reiterates the outlook provided in its recent AGM Statement and continues to expect to deliver FY23 adjusted PBT in line with market expectations. The Group remains well placed to continue to deliver on its strategy with the additional benefit of a strong balance sheet, having had net cash of £71.9m as at 30 September 2022.\n \n \n \n \n \n \n \n \n For further information, please contact:\n \n \n \n \n \n RWS Holdings plc \n \n 01753 480200\n \n \n Andrew Brode, Chairman\n \n \n Ian El-Mokadem, Chief Executive Officer\n \n \n Candy Davies, Chief Financial Officer\n \n \n \n MHP (Financial PR advisor) \n \n [email protected]\n \n \n Katie Hunt / Simon Hockridge 020 3128 8100\n \n \n \n Numis (Nomad & Joint Broker) \n \n 020 7260 1000\n \n \n Stuart Skinner / Kevin Cruickshank / Will Baunton\n \n \n \n Berenberg (Joint Broker) \n \n 020 3207 7800\n \n \n Ben Wright / Toby Flaux / Alix Mecklenburg-Solodkoff \n \n \n \n About RWS\n \n \n \n RWS Holdings plc is a unique, world-leading provider of technology-enabled language, content and intellectual property services. Through content transformation and multilingual data analysis, our unique combination of techn...