January 04, 2010

Sportech agrees new deal with Lloyds

Gaming group Sportech has agreed revised banking facilities of 90.75m with Lloyds, comprising 87.75m of term loans and 3.0m of working capital.

The group's net debt at 18 November amounted to 81.5m.

Its new agreement includes amendment of the maturity date on the senior term loan facility to 30 June 2013 and extension of the maturity date on the working capital facility to 30 December 2010.

Key financial covenants of the revised facilities have been adjusted to provide greater headroom until the end of the term. Part of the revised term loan will be available to finance business development opportunities.

CEO Ian Penrose said, 'We now have in place robust facilities, which allow the group to pursue both organic and development opportunities.'

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