NAHL agrees renewal of Clydesdale Bank facility

8th Mar 2024 10:10

(Sharecast News) - Consumer legal marketing and services firm NAHL Group announced the successful renewal of its banking facilities with Clydesdale Bank, part of Virgin Money UK, on Friday.

The AIM-traded company said the revolving credit facility, originally set to end on 31 December 2024, had been extended to 31 December 2025.

Moreover, the facility's limit was decreased by £5m, now standing at £15m.

The firm said the adjustment aligned with its medium-term strategies, and reflected a 27% reduction in net debt, which amounted to £9.7m as of the end of 2023, compared to £13.3m at the end of 2022.

It said the interest rate on the facility remained consistent at 2.25% above the sterling overnight index average (SONIA).

Reporting by Josh White for Sharecast.com.