StockMarketWire.com - Consumer goods group Venture Life confirmed that it had secured a credit facility from Santander UK and Silicon Valley Bank worth up to £30 million.

The revolving credit facility was limited to a gross amount of no more than 2.5 times the company's trailing consolidated earnings before interest, tax, depreciation and amortisation.

Its initial term was three years with interest of 2.5% above the Sterling Overnight Index Average interest rate benchmark.

Venture Life said it had taken the opportunity to re-organise its corporate financing policies.

Consequently, its Italian term loans of €6.0 million as at 31 May would be repaid in the coming months.

An initial draw of £8 million would be made by Venture Life in the coming week from the revolving credit facility.

The remainder would be kept available for future acquisitions, in addition to the future cash generated in the business moving forward.


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