Micro Focus International plc Extension of Revolving Credit Facility (8783X)
03 September 2020 - 4:00PM
UK Regulatory
TIDMMCRO
RNS Number : 8783X
Micro Focus International plc
03 September 2020
03 September 2020
Micro Focus International plc
Extension of Revolving Credit Facility
Micro Focus International plc ("Micro Focus" or "the Company")
is pleased to announce the revision and extension of its revolving
credit facility ("RCF") to June 2024.
In extending the facility, the Board has taken the opportunity
to review the Group's borrowing requirements in the light of the
strong cash generation of the business. The Board has elected to
repay the $175 million of the RCF which was previously drawn as a
precautionary measure in March 2020, and has reduced the size of
the RCF to $350 million . These actions reduce the Company's gross
debt and costs associated with the facility.
As at 31 August 2020, the Group had cash and cash equivalents of
approximately $700 million, which combined with the extended
facility provides the Group with total liquidity of approximately
$1,050 million, with no maturity dates on Group facilities prior to
June 2024.
Enquiries:
Micro Focus Tel: +44 (0)1635 32646
Stephen Murdoch, CEO Investors@microfocus.com
Brian McArthur-Muscroft, CFO
Ben Donnelly, Head of Investor Relations
Brunswick Tel: +44 (0) 20 7404 5959
Sarah West MicroFocus@brunswickgroup.com
Jonathan Glass
Notes to Editors:
About Micro Focus
Micro Focus (LSE: MCRO.L, NYSE: MFGP) is a global enterprise
software company supporting the technology needs and challenges of
the Global 2000. Our solutions help organizations leverage existing
IT investments, enterprise applications and emerging technologies
to address complex, rapidly evolving business requirements while
protecting corporate information at all times. Our product
portfolios are Security, IT Operations Management, Application
Delivery Management, Information Management & Governance and
Application Modernization & Connectivity. For more information,
visit: www.microfocus.com
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