REG - Corero Network Sec. - New borrowings facility

Corero Network SecurityAnnouncement

08/04/2021 07:00

RNS Number : 7450U
  
Corero Network Security PLC
  
08 April 2021
  
 

 
8 April 2021 
Corero Network Security plc
("Corero" or the "Company")
 
New borrowings facility 
 
Corero Network Security plc (AIM: CNS), a leading provider of real-time, high-performance, automatic Distributed Denial of Service (DDoS) cyber defense solutions, is pleased to announce that it has entered into a new borrowing facility for up to £3.0 million (c$.4.1 million) with its existing banking partner.  
 
The new borrowing facility comprises: a drawn £2.0m term loan facility and an undrawn £1.0m revolving credit facility; for a three-year term; with terms and conditions at par or better than the existing facility.  The net proceeds of this new facility will be used for working capital purposes and the Company's on-going investment programme to support Corero's growth strategy through to  profitability.
 
This announcement contains inside information for the purposes of article 7 of the Market Abuse Regulation (EU) 596/2014 as amended by regulation 11 of the Market Abuse (Amendment) (EU Exit) Regulations 2019/310. With the publication of this announcement, this information is now considered to be in the public domain.
 
Enquiries:
 




Corero Network Security plc


 




Lionel Chmilewsky, Chief Executive Officer 


 Tel: +44(0)1895 876 382




Neil Pritchard, Group Finance Director


 




 


 




Canaccord Genuity Limited 
(Nominated Adviser and Broker)


 Tel: +44(0)20 7523 8000




Simon Bridges / Andrew Potts


 




 


 




Vigo Communications


 Tel: +44(0)20 7390 0230




Jeremy Garcia / Antonia Pollock


 




corero@vigocomms.com


 




 
About Corero Network Security
 
Corero Network Security plc is a global leader in real-time, high-performance, automatic DDoS cyber defense solutions. Both Service and Hosting providers, alongside digital enterprises across the globe rely on Corero's award winning cybersecurity technology to eliminate the threat of Distributed Denial of Service (DDoS) to their digital environment through automatic attack detection and mitigation, coupled with network visibility, analytics and reporting. Corero's industry leading SmartWall and SecureWatch technology provides scalable protection capabilities against external DDoS attackers and internal DDoS botnets in the most complex edge and subscriber environments, while enabling a more cost-effective economic model than previously available. Corero's key operational centers located in Marlborough, Massachusetts, USA and Edinburgh, UK, with the Company's headquarters in Amersham, UK. The Company is listed on the London Stock Exchange's AIM market under the ticker CNS.  For more information, visit   www.corero.com

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