WANdisco secures credit facility with HSBC

RNS Number : 2245O

WANdisco Plc

05 August 2014

 

5 August 2014

WANdisco plc

WANdisco secures credit facility with HSBC

$10m committed debt funding to finance company expansion

London, UK - WANdisco plc (LSE: WAND, "WANdisco"), has agreed a $10m revolving credit facility with HSBC Bank plc ("HSBC"), available until 31 March 2017.

The funds available through the facility will be used to finance WANdisco's continued expansion in the Big Data market, including product development and go-to-market activities.

The interest rate on funds drawn down under the facility will be 1.2% above the prevailing LIBOR interest rate.

Paul Harrison, WANdisco Chief Financial Officer, commented: "I am pleased that HSBC has committed this credit facility to WANdisco. The reliability, predictability and high growth potential of our subscription-based business model enabled us to secure this credit facility on attractive terms. HSBC's involvement, alongside our equity investors, diversifies our financing options as we expand in the Big Data marketplace, a marketplace that is attracting corporate investments on a significant scale."

HSBC's evaluation concluded that WANdisco represents an attractive lending proposition, linked to a significant market opportunity in the rapidly evolving Big Data market. 

HSBC Head of Corporate Banking in the UK, Dan Howlett, added: "I am delighted that we have taken this opportunity to support WANdisco.  We were sufficiently impressed with the company's growth prospects to make a commitment at investment-grade interest rates. This transaction shows our support for emerging technology - a market we consider to have high potential."

For further information please contact:

WANdisco plc	via FTI Consulting LLP
David Richards, Chief Executive Officer Paul Harrison, Chief Financial Officer Phil Branston, VP Corporate Development and Investor Relations
FTI Consulting  LLP	[phone]
Matt Dixon / Sophie McMillan / Jon Snowball / Roger Newby
Investec Bank plc (Joint Broker and Nominated Adviser)	[phone]
Christopher Baird / Dominic Emery
UBS Investment Bank  (Joint Broker)	[phone]
Rahul Luthra / Sandip Dhillon

About WANdisco

WANdisco (LSE: WAND) is a provider of enterprise-ready, non-stop software solutions that enable globally distributed organizations to meet today's data challenges of secure storage, scalability and availability. WANdisco's products are differentiated by the company's patented, active-active data replication technology, serving crucial high availability (HA) requirements, including Hadoop Big Data and Application Lifecycle Management (ALM), including Apache Subversion and Git. Fortune Global 1000 companies, including Juniper Networks, Motorola, Intel and Halliburton, rely on WANdisco for performance, reliability, security and availability. For additional information, please visit www.wandisco.com.

About HSBC Corporate Banking

HSBC is one of the world's largest banking and financial services organisations with more than 6,300 offices and 54 million customers worldwide. HSBC Corporate Banking provides funding, risk management, corporate finance advisory, and international services.

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