Kape secures $220m funding facilities from bank syndicate

Kape, the digital security and privacy software business, has secured a $220m (£155m) debt facilities from a syndicate of banks.

The AIM listed firm has entered into an agreement with its existing bank syndicate of Bank of Ireland, Barclays and Citi Commercial Bank, as well as three new banks.

They include Citizens Bank, BNP Paribas and Leumi Bank.

Together, they will provide new senior secured bank facilities of up to $220m which comprise a $120m senior secured term facility, a $10m revolving credit facility, and a $90m uncommitted acquisition facility.

Bank of Ireland is the agent bank.  The new debt facilities will replace all Kape’s existing loans.

The proceeds of the new facilities will also be used to pay a bridging loan, which the firm entered to fund its acquisition of Webselenese in March.

Moran Laufer, chief financial officer of Kape, said: “We are pleased to have broadened our relationships with Bank of Ireland, Barclays Bank PLC and Citi and to welcome three new banks, Citizens Bank, BNP Paribas and Leumi Bank, as Kape continues to progress on its exciting growth trajectory.

“This ongoing support from top tier global financial institutions is a clear endorsement of our strategy and gives us the firepower to further execute on our expansion.

“We continue to remain acutely focused on growing our market reach and creating value for all our stakeholders.”