WANdisco Plc WANdisco secures credit facility with HSBC (2245O)
05 August 2014 - 4:00PM
UK Regulatory
TIDMWAND
RNS Number : 2245O
WANdisco Plc
05 August 2014
5 August 2014
WANdisco plc
WANdisco secures credit facility with HSBC
$10m committed debt funding to finance company expansion
London, UK - WANdisco plc (LSE: WAND, "WANdisco"), has agreed a
$10m revolving credit facility with HSBC Bank plc ("HSBC"),
available until 31 March 2017.
The funds available through the facility will be used to finance
WANdisco's continued expansion in the Big Data market, including
product development and go-to-market activities.
The interest rate on funds drawn down under the facility will be
1.2% above the prevailing LIBOR interest rate.
Paul Harrison, WANdisco Chief Financial Officer, commented: "I
am pleased that HSBC has committed this credit facility to
WANdisco. The reliability, predictability and high growth potential
of our subscription-based business model enabled us to secure this
credit facility on attractive terms. HSBC's involvement, alongside
our equity investors, diversifies our financing options as we
expand in the Big Data marketplace, a marketplace that is
attracting corporate investments on a significant scale."
HSBC's evaluation concluded that WANdisco represents an
attractive lending proposition, linked to a significant market
opportunity in the rapidly evolving Big Data market.
HSBC Head of Corporate Banking in the UK, Dan Howlett, added: "I
am delighted that we have taken this opportunity to support
WANdisco. We were sufficiently impressed with the company's growth
prospects to make a commitment at investment-grade interest rates.
This transaction shows our support for emerging technology - a
market we consider to have high potential."
For further information please contact:
via FTI Consulting
WANdisco plc LLP
------------------------------------------ -------------------
David Richards, Chief Executive
Officer
Paul Harrison, Chief Financial
Officer
Phil Branston, VP Corporate Development
and Investor Relations
------------------------------------------ -------------------
+44 (0)20 3727
FTI Consulting LLP 1000
------------------------------------------ -------------------
Matt Dixon / Sophie McMillan
/ Jon Snowball / Roger Newby
------------------------------------------ -------------------
Investec Bank plc (Joint Broker +44 (0)20 7597
and Nominated Adviser) 4000
------------------------------------------ -------------------
Christopher Baird / Dominic Emery
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+44 (0)20 7568
UBS Investment Bank (Joint Broker) 8000
------------------------------------------ -------------------
Rahul Luthra / Sandip Dhillon
------------------------------------------ -------------------
About WANdisco
WANdisco (LSE: WAND) is a provider of enterprise-ready, non-stop
software solutions that enable globally distributed organizations
to meet today's data challenges of secure storage, scalability and
availability. WANdisco's products are differentiated by the
company's patented, active-active data replication technology,
serving crucial high availability (HA) requirements, including
Hadoop Big Data and Application Lifecycle Management (ALM),
including Apache Subversion and Git. Fortune Global 1000 companies,
including Juniper Networks, Motorola, Intel and Halliburton, rely
on WANdisco for performance, reliability, security and
availability. For additional information, please visit
www.wandisco.com.
About HSBC Corporate Banking
HSBC is one of the world's largest banking and financial
services organisations with more than 6,300 offices and 54 million
customers worldwide. HSBC Corporate Banking provides funding, risk
management, corporate finance advisory, and international
services.
Ends
This information is provided by RNS
The company news service from the London Stock Exchange
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