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Media Square
- BY: Andrew Hore |
- POSTED: 21/06/2010 |
Marketing services firm Media Square has entered into a conditional banking facility agreement with Bank of Scotland.
A new facility that lasts until June 2012 will total £26.6m, on which there is a 1% arrangement fee. The facility is made up of short-term loan, revolving credit facility, a property loan (which has to be paid off first) and mezzanine debt. Shareholders have to agree to the Bank of Scotland receiving warrants equal to 10% of Media Square’s diluted share capital. The warrants last for 10 years and have an exercise price of 10p a share.
Minimum quarterly repayments of £95,000 are required. There is also a term which enables the bank to take 75% of any excess cash flow less £250,000 in order to reduce the facility.
Media Square is also changing its interest rate hedge, which is currently fixed at 4.78%, for a rising interest rate that will average less than the current rate.
Results for the year to February 2010 show a 23% decline in like-for-like revenues at £47.3m. The company moved from profit to loss. Underlying net debt was described as £19.9m.
At 10.25p a share, Media Square is valued at £3.71m.
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