The EuNetworks Group, a bandwidth communications provider, disclosed that it availed of a term loan funding agreement with Barclays Private Credit Partners Fund LP. The detail of the loan facility agreement includes interest rates, the withdrawal of stipulated amount of the total approved amount and total margin of revenue.
According to EuNetworks, EUR45 million is on hand including a pledge of EUR30 million that will be utilized mainly for increasing inorganic and organic growth. The predetermined agreed amount can be extended to EUR45 million in the event that inorganic and organic revenue opportunities happen.
The Barclays Private Credit Partners stipulated in the agreement their assurance to EuNetworks' business that they will be given the option to join any growth financing round if EuNetworks opts to have one in the future.
According to EuNetworks's Chief Executive Officer Brady Rafuse, "We expect to utilise this funding from our new partner to deliver more bandwidth infrastructure services to our growing in-place customers and new customers. This is an exciting time for our business, and as ever, we are focused on delivering our targets for further scale."
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