One Media iP Group PLC refinances £1.9m unsecured loan with less restrictive facility

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One Media iP Group PLC (AIM:OMIP), the acquirer, publisher and distributor of digital music rights, has refinanced its £1.9m unsecured loan notes held by British Growth Fund, which carried a rate fixed interest of 7%.

The refinancing is being made through a secured facility from Coutts & Co. at prime plus 3.5%, amortized on a straight-line basis over five years, the company said in a statement.

Although Coutts’ facility is secured, it is subject to more traditional bank lending terms and contains fewer restrictions on the company’s operations, he noted.

READ: One Media iP announces Mark Adams will join its board as independent non-executive director

Michael Infante, CEO of One Media iP, said: “We are pleased to have completed this refinancing, including the approval of a bank of Coutts reputation, which gives us greater operational flexibility as we continue to work towards our strategic ambitions. “

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