Clavister Signs a Financing Agreement of 50 MSEK
The new funding will empower the company to achieve market share and commercial success.
Clavister (NASDAQ: CLAV), a leader in high-performance network security solutions, has on September 27, 2017 signed a loan Financing Agreement of 50 MSEK with TageHus Holding AB as lender. The loan financing has a tenor of three years. The Financing Agreement is based on the terms and conditions previously agreed between the two parties as communicated to the market in a press release dated September 13, 2017.
The larger part of the funding provided by TageHus is made available immediately as new liquidity for general corporate purposes. The funding also will refinance approximately 16 MSEK in existing loan obligations of the Clavister group.
Further funding committed to by TageHus may be drawn upon as certain conditions are met. The loan’s interest obligations shall accrue throughout its three year tenor, with no cash impact on the group. The loan is secured on certain assets of the group and may be repaid through the issuance of new warrants based on a subscription price of 20 SEK.
“We are delighted to have deepened our partnership with TageHus through this financing for Clavister and we welcome the confidence shown in our strategy and growth prospects by this commitment from a trusted partner. The TageHus financing is an important step towards securing our fully-funded business plan for the group to increase Clavister’s market share and further enhance our customers’ experience,” states Clavister’s President and CEO, John Vestberg.
“Since our initial investment in Clavister one year ago, we have seen the company continue to build its presence in the global markets by delivering innovative cyber-security products to top tier customers. This financing demonstrates our strong commitment to Clavister’s management team and delivery excellence,” added TageHus’ CEO Karl Lilja of the financing.
Clavister continues to be engaged with one of the world's larger lending financial institutions regarding additional long-term financing and hopes to provide more information to the market on this matter in due course.
For more information, please contact:
John Vestberg, President and CEO
Clavister is a leading security provider for fixed, mobile and virtual network environments. Its award-winning solutions give enterprises, local and federal governments, cloud service providers and telecoms operators the highest levels of protection against current and new threats, and unmatched reliability. The company was founded in Sweden in 1997, with its solutions available globally through its network of channel partners. Clavister is a member of Intel’s Network Builders program (networkbuilders.intel.com), a cross-industry initiative.