On Air Early Breakfast Chris Williams | 5:00am - 7:30am

MT receives £80 million funding package following AIM flotation

Manx Telecom has received an £80 million funding package to support its flotation on the AIM stock market.

It's been provided by Lloyds Bank's Leeds-based strategic finance team, along with Barclays and RBS.

The funding provided includes a term loan of £70m to repay outstanding senior debt and loan notes, and a £10m revolving credit facility to provide MT with additional funding to pursue new growth opportunities.

The Insider Media website reports the company's listing on AIM saw the exit of private equity shareholders HG Capital and CPS Partners after raising £156m.

The £80 million package will support the company's plans to roll out off-island expansion and 4G services across the Isle of Man later this year.

 

More from Isle of Man Business