UK B2B telco Daisy has secured a three-year £200m credit facility to finance further deals in the fragmented reseller market place.
The debt is split into a £50m term loan and a £150m revolving credit facility, replacing a previous agreement worth…
UK B2B telco Daisy has secured a three-year £200m credit facility to finance further deals in the fragmented reseller market place.
The debt is split into a £50m term loan and a £150m revolving credit facility, replacing a previous agreement worth £140m.
ING joined existing lenders Barclays, HSBC, Lloyds, RBS and Yorkshire Bank to finalise the facility, with each bank committing £33.3m in funding.
Daisy CFO Steve Smith said: “The new and enlarged facilities will enable us, in line with our stated strategy, to continue to consolidate the fragmented reseller market place where we see a clear path to generate shareholder value.”
The telco has recently shifted its focus to making fewer and larger deals, after growing rapidly with small acquisitions.
Its latest deal was announced at the beginning of February, when it acquired UK IT specialist Net Crowd for an undisclosed sum. Before that, in April 2012, it bought audio-conferencing specialist Worldwide Group Holdings for an enterprise value of £28m.
Daisy reported revenue up 1% in unaudited interim results for the six months to 30 September 2012, and adjusted EBITDA up 3% to £27.3m.
