Cashbox PLC, the UK-based independent ATM installer and operator, has said that its bank facility with Bank of Scotland has been refinanced. The GBP5.7m facility has been restructured to the company’s advantage by reducing and deferring regular capital repayments in exchange for a more bullet repayment at the end of the term of the facility.
Cashbox has claimed that this change to the facility will result in cash savings in the initial years of up to GBP1.2m per year. As part of the refinancing, the interest margin payable on the facility has been increased to 4% over three month LIBOR.
Cashbox has also secured a further GBP800,000 convertible secured loan from Synergy Capital, taking the total loan to GBP2.3m. The principal terms of the new loan are the same as those of the original loan (announced on 31 December 2008) save that the loan is for three years, the interest rate chargeable is 12% per annum and the conversion rate is fixed at 2.8p per ordinary share.
