StockMarketWire.com – Porta Communications has formally implemented the revolving credit facility (RCF) with Clydesdale Bank.
As required by the RCF agreement, the company and certain of its subsidiaries have signed an inter-creditor agreement with Clydesdale and the company’s existing lenders, Hawk Investment Holdings Ltd and Retro Grand Ltd, which subordinated their loans to the senior RCF bank debt.
The inter-creditor agreement also contained certain conditions in relation to interest payments and restrictions on capital repayments against the existing loans from Hawk and Retro Grand to the company during the term of the RCF.
Security for the RCF was granted to Clydesdale over the assets of the company and certain of its wholly owned subsidiaries.
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