finnCap Debt Advisory secures £100m facility for iomart

New £100m four bank club replaces legacy £80m bilateral facility

finnCap Debt Advisory is delighted to support iomart Group plc (AIM:IOM) on its debt refinancing with a new £100m Revolving Credit Facility (RCF). The RCF is provided by a new four bank club consisting of HSBC UK, Royal Bank of Scotland, Bank of Ireland and Clydesdale Bank and replaces the Group’s existing £80m bilateral facility provided by Lloyds Banking Group.

iomart Group plc is a cloud computing and IT managed services business providing hybrid cloud infrastructure, network connectivity, security, and digital workplace capability. Its products enable customers to connect, secure and scale anywhere, anytime, with a 400-strong team that can design and deploy the right cloud solution for its customers.

The RCF has an initial maturity date of 30 June 2025, with a 12-month extension option, and benefits from a £50m accordion facility in addition to the £100m committed facility.  The RCF and the accordion facility (if exercised) provide the Group with additional liquidity to be used for working capital purposes and to fund investments, in accordance with the Group’s 5-year strategic plan.

Alistair Hay, Partner & Head of Debt Advisory, finnCap Group, commented: “We are delighted to have successfully completed the refinancing of iomart.  Whilst larger than the previous facility, the new RCF also provides the Group with materially enhanced operational flexibility and – given the introduction of four new lenders – significant firepower to provide further lending commitments.  The Group has a clear strategic vision and the enlarged debt facility is a key contributor to its future growth.”