New borrowings facility

RNS Number : 7450U

Corero Network Security PLC

08 April 2021

 

8 April 2021

Corero Network Security plc

("Corero" or the "Company")

New borrowings facility

Corero Network Security plc (AIM: CNS), a leading provider of real-time, high-performance, automatic Distributed Denial of Service (DDoS) cyber defense solutions, is pleased to announce that it has entered into a new borrowing facility for up to £3.0 million (c$.4.1 million) with its existing banking partner.  

The new borrowing facility comprises: a drawn £2.0m term loan facility and an undrawn £1.0m revolving credit facility; for a three-year term; with terms and conditions at par or better than the existing facility.  The net proceeds of this new facility will be used for working capital purposes and the Company's on-going investment programme to support Corero's growth strategy through to  profitability.

This announcement contains inside information for the purposes of article 7 of the Market Abuse Regulation (EU) 596/2014 as amended by regulation 11 of the Market Abuse (Amendment) (EU Exit) Regulations 2019/310. With the publication of this announcement, this information is now considered to be in the public domain.

Enquiries:

Corero Network Security plc
Lionel Chmilewsky, Chief Executive Officer	Tel: [phone]
Neil Pritchard, Group Finance Director
C anaccord Genuity Limited  (Nominated Adviser and Broker)	Tel: [phone]
Simon Bridges / Andrew Potts
Vigo Communications	Tel: [phone]
Jeremy Garcia / Antonia Pollock
[e-mail]

About Corero Network Security

Corero Network Security plc is a global leader in real-time, high-performance, automatic DDoS cyber defense solutions. Both Service and Hosting providers, alongside digital enterprises across the globe rely on Corero's award winning cybersecurity technology to eliminate the threat of Distributed Denial of Service (DDoS) to their digital environment through automatic attack detection and mitigation, coupled with network visibility, analytics and reporting. Corero's industry leading SmartWall and SecureWatch technology provides scalable protection capabilities against external DDoS attackers and internal DDoS botnets in the most complex edge and subscriber environments, while enabling a more cost-effective economic model than previously available. Corero's key operational centers located in Marlborough, Massachusetts, USA and Edinburgh, UK, with the Company's headquarters in Amersham, UK. The Company is listed on the London Stock Exchange's AIM market under the ticker CNS.  For more information, visit       www.corero.com

 

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