New Â£40m banking facility for Idox
Software and services business Idox has agreed a new £40m banking facility with two banks.
The Reading-based group, a supplier of specialist document management collaboration services, negotiated new banking facilities with the Royal Bank of Scotland (RBS) and Silicon Valley Bank.
The new, two-bank, four-year facility replaces the group's current arrangements.
The £40m facility includes a term-loan of £17m and £23m revolving credit facility, split £25m with RBS and £15m with Silicon Valley Bank.
Idox chief financial officer Jane Mackie said: "In choosing new finance partners we wanted to work with institutions which have an understanding of our industry and how Idox is placed within it, while also having a demonstrable track record of delivery.
"We have been impressed with the team's knowledge at RBS and SVB and the support we have been given enabling us to deliver the financing Idox needs. Both RBS and SVB have taken the time to understand what is important to us and we are looking forward to working closely with them as our new banks."
RBS and SVB were co-lead arrangers and RBS acted as deal coordinator, agent and security trustee.
As part of the transaction, Idox will move its global banking to NatWest/RBS and SVB.