Keywords Studios, an international technical and creative services provider for the video games industry, completed a new revolving credit facility, in line with the agreed terms outlined in the Group’s half year results announcement on 18 September 2019.
Barclays Bank, Citibank, HSBC and Silicon Valley Bank provided the facility for an initial €100 million ($110.3 million) over a three-year term, with the option to extend the facility up to €140 million and by a further two years. It replaces the company’s existing €105 million ($115.8 million) facility.
Andrew Day, Keywords Studios CEO, commented, “We are pleased to have finalized this facility which is a significant expansion on our previous arrangement and remains in line with our intention of maintaining a conservative mix of equity and debt funding. This facility gives us further flexibility and headroom to invest in building our business both organically and through acquisition.
“We continue to review a strong pipeline of acquisition candidates that want to join our leading, diversified platform for services to the global video games industry and we will continue to select high calibre businesses that enable us to scale up to capture a greater proportion of our clients’ increasing demand for outsourced games’ development and support.”
Established in 1998, and now with over 50 facilities in 21 countries strategically located in Asia, the Americas and Europe, Keywords Studios provides integrated art creation, software engineering, testing, localization, audio and customer care services across more than 50 languages and 16 games platforms to a blue-chip client base of approximately 950 clients across the globe.