Banking Facility Renewed and Extended

RNS Number : 0659S

Accesso Technology Group PLC

15 March 2016

 

15 March 2016

accesso^® Technology Group plc

("accesso" or the "Group")

Banking Facility Renewed and Extended

accesso Technology Group plc (AIM: ACSO), the premier technology solutions provider to leisure, entertainment and cultural markets, today announces that it has completed an early renewal of and extension to its banking facility (the "New Facility") with Lloyds Bank plc ("Lloyds").

The New Facility replaces the previous $22m facility, which was subject to a step down to $8m in November 2016 and provides an increased drawdown facility of $25m, plus an additional $10m for potential M&A investments. The New Facility improves the flexibility with which the Group can consider future product or M&A investments, in-line with its stated strategy.

The New Facility includes no step downs, is provided at an improved drawdown rate of 1.35% above LIBOR and is also provided with improved covenants and at an improved commitment rate. The New Facility is secured on accesso's assets and IP in the US and UK, which was consistent with the previous facility.

The New Facility terminates on 11 March 2019, but provides for the opportunity to further extend to 11 March 2020. The previous facility was due to expire on 31 December 2017.

Commenting, John Alder, Chief Financial Officer of accesso Technology Group plc said:

"I am pleased that we've been able to renew early and significantly extend the headroom available to us as a Group.  The improved terms and increased drawdown facility say a great deal about the financial track record and revenue visibility we have built and we can now continue to pursue our stated growth strategy, comfortable in the knowledge that the flexibility for important investments is secure and open to us."

Andy Fish, Relationship Director of Lloyds Bank plc said:

"Accesso is a strong, innovative company, led by a team that has built a proven track record.  We have been proud to support the Senior Management Team since 2013 and we are excited to continue to play our part in accesso's future plans.  Technology is clearly an area where British businesses can carve out a commanding position on the world stage and we are committed to supporting businesses, like accesso, that share these global ambitions."

For further information, please contact:

accesso Technology Group plc	[phone]
Tom Burnet, Chief Executive Officer
John Alder, Chief Financial Officer
FTI Consulting, LLP	[phone]
Matt Dixon, Adam Davidson
Canaccord Genuity Limited	[phone]
Simon Bridges, Cameron Duncan
Numis Securities Limited	[phone]
Etienne Bottari, Simon Willis, Mark Lander

About accesso^® Technology Group

accesso (AIM: ACSO) is the premier technology solutions provider to leisure, entertainment and cultural markets. Our patented and award-winning technology solutions drive increased revenue for attraction operators whilst improving the guest experience.

Our solutions add value to operators at every point of the guest experience with our technology facilitating the key points of contact with their many millions of guests.

·    We drive attendance

The accesso Passport and ShoWare^® ticketing suites are comprehensive, easy-to-use cloud solutions that process tens of millions of tickets every year for assigned seat and general admission venues, enabling operators to maximize up-sell and cross-sell with ease to drive greater revenue.

·    We handle payments

Our payment gateway carries level 1 PCI security certification and 24/7 support.  It provides the tools, security and support operators need to drive sales and has so far processed more than $5 billion in transactions.

·    We take guests out of line

The accesso LoQueue virtual queuing solutions allow guests to reduce the amount of time waiting for park attractions by electronically holding their place in line, so they can spend more time enjoying all the venue has to offer.

·    We simplify point-of-sale

Our accesso SiriuswareSM point-of-sale solution offers software modules that combine ticketing, membership, retail, food/beverage transactions, rentals, credit card processing and many other functions into a single system eliminating the need for separate systems and databases.

·    We increase engagement

accesso enables operators to engage more deeply and profitably with guests: pre-sale, in-attraction or post-visit.  Our mobile apps have provided millions of guests with rich iOS and Android content to better plan their visit, buy their ticket on-the-go and unlock new experiences within an attraction. 

More than 900 attractions and venues worldwide currently employ accesso technology - from theme parks, water parks, cultural attractions, live performance venues and sporting events to ski and snow parks.  We are proud that our solutions are trusted by the majority of the leading names in the leisure industry including Six Flags Entertainment, Cedar Fair Entertainment, Merlin Entertainments, International Speedway Corporation, Palace Entertainment, Compagnie des Alpes and Herschend Family Entertainment.

accesso is a public company, listed on AIM: a market operated by the London Stock Exchange. For more information visit: www.accesso.com.

 

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