Technology-focused venture capital firm Molten Ventures has agreed a new £180 million debt facility.
The listed company has taken out the facility with J.P. Morgan Chase Bank and HSBC Innovation Banking.
Effective from 7th September 2024, it comprises a £120m term loan drawn on day one and a revolving credit facility of up to £60m, both with a three-year tenor, in place of the existing £150m facility with JPM and HSBCIB.
The value of the portfolio will continue to be subject to periodic independent third-party valuation, and the new debt facility will be used to repay in full the £90m drawn term loan component of the current facility, which is entering its final year, as well as for investment and corporate purposes.
Meanwhile after realisations from Perkbox, Graphcore and Endomag delivered aggregate proceeds of over £70m, Molten has commenced a share buyback programme for £10m.
“Today’s confirmation of our exit from Endomag takes us to over £70m of the £100m in realisations we anticipate for the current financial year, which underpins our stated capital allocation strategy, and in particular the buyback which we are commencing today,” said CEO Martin Davis.
“We are delivering what we said we will deliver, and our new debt facility shows that we are doing so on the basis of prudent capital management. Taken together, all of this demonstrates why we have confidence in our net asset value and we look forward to providing further updates to our shareholders.”