Arena Events Group (LON: ARE) announced on Wednesday that it has agreed with Lombard Odier Investment Management (LOIM) to repay and cancel the short-term financing facility.
LOIM, a major shareholder of Arena Events Group, provided the short-term financing facility in 2019.
Arena Events said the decision announced today will reduce its ongoing financial costs by around £ 0.4million per year.
The principal amount drawn under the facility is £ 2million, which was due on September 25, 2021 and was repaid in full on July 20, 2021, along with £ 0.5million in compound interest.
The company used existing cash resources to make the repayment. As of July 19 of this year, its cash resources amounted to £ 27 million.
Shares of Arena Events Group are down 1.85% to 15.2p so far on Wednesday.
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