REG - Keywords Studios PLC - New Revolving Credit Facility of $400 million

Keywords StudiosAnnouncement

21/07/2023 07:00

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RNS Number : 7036G  Keywords Studios PLC  21 July 2023

 21 July 2023

 

 

Keywords Studios plc ("Keywords Studios", "Keywords", the "Company")

 

New Revolving Credit Facility of $400 million

Keywords Studios, the international provider of creative and
technology-enabled solutions to the global video games and entertainment
industries, is pleased to announce the signing of a new unsecured
multicurrency revolving credit facility agreement ("RCF") of $400 million. The
new RCF is for an initial four-year tenor, with an option to extend the term
by a further one-year period, subject to lender consent.

The new facility, supported by a group of seven global lenders(1), replaces
the Company's previous €150 million unsecured multicurrency revolving credit
facility. The RCF's financial covenants remain consistent with the previous
facility. The currency has changed from euro to US dollar to match the
expected predominant currency of future borrowings.

Rob Kingston, Chief Financial Officer of Keywords Studios, commented:

"We are delighted to have finalised this new expanded RCF, which is more
appropriately scaled for a business of our size. We continue to review a
strong pipeline of acquisition candidates and this RCF, together with our
strong cash generation, provides the long-term liquidity and flexibility to
pursue our growth strategy whilst maintaining a well-balanced mix of equity
and debt funding. The success of this refinancing demonstrates the strength of
the Keywords' credit profile and ability to secure committed funding in the
current lending environment."

 1  Citibank, N.A., London Branch, HSBC Continental Europe, ING Bank N.V.,
Dublin Branch, Bank of China (Europe) S.A., Dublin Branch, Allied Irish Banks,
p.l.c., Northern Bank Ltd trading as Danske Bank, and The Governor and Company
of the Bank of Ireland.

 

For further information, please contact:

 Investor Contacts:                                                       Media Contacts:
 Keywords Studios                                                         MHP Group

 Giles Blackham                                                           Katie Hunt / Eleni Menikou / Charles Hirst

 Director of Investor Relations                                           +44 20 3128 8794

 +44 7714 134 681                                                         keywords@mhpgroup.com (mailto:keywords@mhpgroup.com)

 gblackham@keywordsstudios.com (mailto:gblackham@keywordsstudios.com)
 Numis Securities

 Nominated Adviser & Broker

 Stuart Skinner / Will Baunton

 +44 20 7260 1000

 

About Keywords Studios (www.keywordsstudios.com
(http://www.keywordsstudios.com/) )

Keywords Studios is an international technology-enabled solutions provider to
the global video games and entertainment industries. Established in 1998, and
now with over 70 facilities in 26 countries strategically located in Asia,
Australia, the Americas, and Europe, it provides services across the entire
content development life cycle through its Create, Globalize and Engage
service lines to a large blue-chip client base across the globe.

Keywords Studios has a strong market position, providing services to 24 of the
top 25 most prominent games companies. Across the games and entertainment
industry, clients include Activision Blizzard, Bandai Namco, Bethesda,
Electronic Arts, Epic Games, Konami, Microsoft, Netflix, Riot Games, Square
Enix, Supercell, TakeTwo, Tencent and Ubisoft. Recent titles worked on include
Diablo IV, Hogwarts Legacy, Elden Ring, Fortnite, Valorant, League of Legends,
Clash Royale and Doom Eternal. Keywords Studios is listed on AIM, the London
Stock Exchange regulated market (KWS.L).

 

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