Petrol station software services firm gets $5m loan

KALIBRATE Technologies, the Manchester-based provider of software services to petrol retailers, has received a $5m revolving credit facility with US bank PNC.

The funding will be used for the issue of performance bonds/letters of credit, foreign exchange facilities, potential business development opportunities and general working capital.

The Facility is for a two year term with an interest rate of 2% above LIBOR. There is a small unused facility fee of 0.25%. The Facility is secured by way of an all asset pledge by the group.

Fixed charge coverage ratios and funded debt to EBITDA ratios are in place and are tested on a semi-annual basis.

Kalibrate chief executive Bob Stein said: “We are pleased to announce the securing of a two year revolving line of credit extension on good terms for the Group. We will use the Facility to expand and grow our business.”