UK data center and cloud company Iomart has refinanced its banking facilities.
It has secured a new Revolving Credit Facility (RCF), totalling £115 million ($158.4m) from a syndicate of its existing lenders.
They include the Royal Bank of Scotland, HSBC UK Bank, and Clydesdale Bank (trading as Virgin Money).
The facility extends to 30 June 2027 and includes financial covenants, limited to debt cover and interest cover.
Scott Cunningham, CFO of Iomart, said: “We are delighted to announce the completion of this refinancing, which provides Iomart with flexibility and supports the execution of our growth strategy. We appreciate the continued support of our lending partners, reflecting their confidence in the strength and resilience of our business.”
Iomart owns and operates 13 data centers across the UK and has points of presence across Europe, the Middle East, APAC, and the Americas. The company offers cloud and data services, cybersecurity, and consulting.
In the announcement, Iomart said it is making a strategic shift away from low-growth, heritage product areas to higher-profit cloud services.
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