Bank of Ireland Corporate Banking announced that it has agreed to provide a package of loan facilities including a $9.7 million term loan facility maturing in July 2015 and a $1.8 million revolving 12-month facility for Escher Group Holdings plc.
Escher is a provider of outsourced, point of sale software to the postal industry. The loan facility provided by Bank of Ireland will support the company’s working capital and international growth plans. Escher listed on the AIM market of the London Stock Exchange in August 2011.
Donal Duffy, director, Bank of Ireland Corporate Banking, commented: “We are pleased to provide financial support to Escher. We are committed to helping home-grown companies, such as Escher, with their funding and capital requirements and we look forward to working with the management team and helping the company to achieve its strategic goals.”
Commenting on this refinancing, Liam Church, Escher’s CEO, said: “This funding by Bank of Ireland demonstrates confidence in the Escher business model and we welcome this support and the opportunity to develop a mutually beneficial relationship with Bank of Ireland in the coming years. These arrangements will significantly reduce Escher’s cost of funding and improve the maturity profile of its debt and assist the growth of the business.”