New facilities to fund future strategy and growth
20 December 2022
NCC Group plc
New £162.5m borrowing facilities to fund future strategy and further growth
NCC Group plc (LSE: NCC, "NCC Group" or "the Group"), a leading independent global cyber security and resilience provider, is pleased to announce that it has agreed a new four-year £162.5m multi-currency revolving credit facility maturing December 2026, together with a £75m uncommitted accordion option, provided by National Westminster Bank plc, HSBC UK Bank plc, ING Bank N.V & Fifth Third Bank, N.A.
The facilities replace the Group's previous £100m multi-currency revolving credit facility and $70m term loan with National Westminster Bank plc, HSBC UK Bank plc & ING Bank N.V, which had an expiry date of June 2024.
The Group remains prudently leveraged, with net debt as of 30 November 2022 amounting to c.£55m following the acquisition of IPM in June 2021 for $216.1m. The facilities are unsecured, and the interest rate of the facility is on a ratchet mechanism with a margin payable above SONIA & SOFR in the range of 1.00% to 2.25% depending on the level of the Group's leverage.
Tim Kowalski, CFO, commented:
"We continue to demonstrate effective cash management and our balance sheet strength enables us to continue to fund organic and inorganic opportunities as they arise. This new facility, which adds another established institutional lender to our banking group, will provide NCC Group with additional firepower and flexibility as we evolve our strategy in 2023. I would like to thank our existing banking group for their continued support, and welcome Fifth Third Bank, N.A."
Enquires:
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NCC Group ( www.nccgroupplc.com ) Mike Madison, CEO/Tim Kowalski, CFO
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+44 (0)161 209 5432 |
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H/Advisors Maitland Sam Cartwright
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+44 (0)20 7379 5151 |
About NCC Group plc
NCC Group exists to make the digital world safer and more secure.
Our vision is to be the leading cyber resilience provider globally, trusted to protect and secure our customers' critical assets and sought-after for our complete people-led, technology-enabled cyber resilience solutions that enable our customers to thrive.
Our four values are: We work together; we are brilliantly creative; we embrace difference, and we take responsibility.
As global experts in cyber security and risk mitigation, NCC Group is trusted by over 14,000 customers worldwide to protect their most critical assets from the ever-changing threat landscape. With the company's knowledge, experience and global footprint, it is best placed to help organisations assess, develop and manage their cyber resilience posture. To support its mission, NCC Group continually invests in research and innovation, and is passionate about developing the next generation of cyber scientists. With over 2,400 colleagues in 12 countries, NCC Group has a significant market presence in North America, Europe and the UK, and a growing footprint in Asia Pacific with offices in Australia, Japan and Singapore.
Cautionary note regarding forward-looking statement
This announcement includes statements that are forward-looking in nature. Forward-looking statements involve known and unknown risks, assumptions, uncertainties, and other factors which may cause the actual results, performance, or achievements of the Group to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Except as required by the Listing Rules, Disclosure and Transparency Rules and applicable law, the Group undertakes no obligation to update, revise or change any forward-looking statements to reflect events or developments occurring on or after the date such statements are published.
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