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Provider: Reuters Investment Profile

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Incap Oyj Updates on Financing

Wednesday, 30 Jan 2013 02:30am EST 

Incap Oyj announced that it has finalized the financing negotiations with a Finnish bank and withdrawn a half of the loan of EUR 1.5 million granted to the Company. The remaining loan installment can be withdrawn by July 29, 2013 after a separate confirmation given by the bank. Besides standard conditions the loan contract includes the same covenants than the other loans granted by the bank. The Company is using the loan to strengthen its working capital. In addition to the loan the Company has further agreed with the financiers upon other financing arrangements, based on which EUR 450,000 was released to the Company. As a result of the loan and other financing arrangements Incap's cash in hand was increased by EUR 1.2 million. The Company has further, on January 28, 2013, received from the bank a written confirmation that the bank will not exercise its right to terminate the loans, credit lines and factoring credit lines granted by the bank even though their covenants were not met on December 31, 2012. The next testing of the covenants is due to take place on June 30, 2013. 

Company Quote

-0.0050 -7.46%
19 Dec 2014