By Devika Patel
Knoxville, Tenn., April 29 – KRM22 plc said it has obtained an €11.55 million five-year debt facility with Harbert European Growth Capital Fund II. The company has already drawn down £1 million.
The interest rate payable on debt drawn down is 11% on the initial £1 million drawdown and the higher of 11% or one-year Euro Libor plus 1,100 basis points for additional drawdowns.
Drawdowns can be made until Dec. 31, 2020.
In connection with the facility, Harbert will receive warrants. For the initial drawdown, warrants for 495,049 ordinary shares will be issued with an exercise price of £1.01 per share. Additional warrants will be issued in an amount equal to 5.6% of each subsequent drawdown of the facility for up to a maximum value of £500,000, calculated by reference to an exercise price equal to the lower of a 10% discount to the prevailing market price or £1.01 per share.
Proceeds will support future business growth and allow the company to pursue its pipeline of investment targets.
Based in London, KRM22 is a technology and software investment company.
| Issuer: | KRM22 plc
|
| Issue: | Debt facility
|
| Amount: | €11.55 million
|
| Maturity: | Five years
|
| Coupon: | Higher of 11% or one-year Euro Libor plus 1,100 bps
|
| Warrants: | Yes
|
| Warrant strike price: | The lower of a 10% discount to the prevailing market price or £1.01 per share.
|
| Investor: | Harbert European Growth Capital Fund II
|
| Announcement date: | April 29
|
| Distribution: | Private placement
|
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