Venture Life Agrees on £ 30m Loan



Anthony O. Goryainov

Venture Life Group PLC said Monday it has agreed to a revolving credit facility of up to £ 30 million ($ 41.4 million) for an initial term of three years.

The UK-based consumer personal care maker said it conditionally agreed to an additional £ 20 million line of credit on the same terms as RCF, with an interest rate 2.5% above the Sterling Overnight Index benchmark average interest rate.

The company said the new line of credit would enable it to repay € 6.0 million ($ 7.1 million) of Italian loans as of May 31 in the coming months.

Venture Life said it will receive an initial fee of £ 8 million next week and that £ 2.8 million of that amount will be used to replenish working capital reserves used in the acquisition and £ 5.2 million to repay loans Italian bank. – RCF state.

“This facility will significantly expand the reach of the cash we received from shareholders in December 2020 by increasing cash flow from our existing business and providing firepower for future acquisitions,” said CEO Jerry Randall.

The stock fell 0.10p, or 0.1%, at 07:40 GMT to 97p.

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