Datalex shareholders have approved a maturity extension of a debt facility provided to the Irish travel software firm by billionaire financier Dermot Desmond, who owns just under 30% of the company.
As reported by The Irish Independent, Desmond's Tireragh vehicle has agreed to extend the maturity debt until November of 2021 and has also expanded the debt made available to Datalex to €10 million.
Amounts drawn on the facility are charged 10% interest, and Tireragh will also receive a fee of €2.74 million when the facility matures.
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The debt facility was originally due to be repaid in November of this year, and Datalex had hoped to raise equity to repay it.
The Irish Independent quotes Datalex chairman David Hargarden as saying, "After much deliberation, the board considered that now is not the appropriate time to complete an equity fundraising.
"The group continues to face financial challenges exacerbated by the outbreak of the COVID-19 pandemic."
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