CLX Communications AB (publ): CLX Communications secures expanded credit facility with improved terms and conditions
Stockholm, Sweden - CLX Communications AB (publ) - XSTO: CLX
CLX Communications AB, a global leader in cloud communications for customer engagement through mobile technology, today announced that the company's corporate credit facilities have been successfully expanded and extended.
The expanded credit facility grants CLX Communications AB access to SEK 1,500 million in debt financing provided that the company meets a set of pre-defined terms and conditions. This represents an increase in debt funding for M&A of SEK 900 million compared to the company's earlier bank agreements. In addition to the SEK 1,500 million facility, the company has an overdraft facility of SEK 200 million.
The terms and conditions agreed with the lending banks match the company's leverage policy, where the target is that net debt over time shall be below 2.5 times adjusted EBITDA (measured on a rolling twelve month basis). The new credit facility replaces earlier debt financing and is made available by Danske Bank and Handelsbanken. The term to maturity is three years, with possible extension for an additional two years. The new terms also imply a lower interest margin and decreased amortization.
"We are very pleased with our new credit facility. The improved terms acknowledge our company's strong financial standing and will allow further value-accretive M&A to increase our profitability and further strengthen our product offering", says Oscar Werner, Chief Executive Officer of CLX Communications AB.
For further information, please contact
Thomas Heath
Chief Strategy Officer and Head of Investor Relations
CLX Communications AB (publ)
Mobile: +46-722-45 50 55
E-mail: thomas.heath@clxcommunications.com
About CLX Communications
CLX Communications (CLX) is a leading global provider of cloud-based communication tools for enterprises and mobile operators. CLX's mobile communication services enable businesses to quickly, securely and cost-effectively reach their customers through mobile messaging, voice and video. The CLX platform powers business-critical communications throughout the world, and the company has grown profitably since its foundation in 2008. The Group is headquartered in Stockholm, Sweden, and has presence in a further 20 countries.
CLX Communications' shares are traded at NASDAQ Stockholm: XSTO: CLX.
Every care has been taken in the translation of this press release. In the event of discrepancies, however, the Swedish original will supersede the English translation. This information was submitted for publication under the auspices of the above contact on 20 December 2018 at 08:00 CET.