The Group has a committed revolving credit facility (RCF) with Nordea Bank Plc. to be used for general corporate purposes, acquisitions and capital expenditure.
Committed RCF amounts:
- EUR 12,000,000 from 16 December 2020 to and including 31 December 2020;
- EUR 9,000,000 from 1 January 2021 to and including 15 January 2021; and
- EUR 7,000,000 from 16 January 2021 to and including 15 February 2021.
Ancillary facilities may also be designated for overdrafts, guarantees, letters of credit and other requirements of the Group. The committed revolving credit facility includes a quarterly financial covenant (leverage ratio) and a yearly clean down period requirement. The facility is senior to Delete’s bond financing.
Delete Group Oyj announced on 16 December 2020 that it has initiated certain restructuring measures. As part of such restructuring measures and in order to secure that the Delete Group will have access to sufficient working capital in the future, the Delete Group intends to replace the Nordea RCF with one or more new super senior RCFs with total aggregate commitments of no less than EUR 10,000,000. The extension of the maturity date of the Nordea RCF will ensure that the Delete Group will have sufficient time to agree and negotiate the replacement RCFs.