Keywords Studios completes €75m credit facility
Irish video gaming firm will use new facility to build business
Andrew Day, chief executive of Keywords Studios: The facility, announced earlier this year, covers an initial three-year term, and could be extended to €105 million and by two years. Photograph: Dara Mac Dónaill
The facility, announced earlier this year, covers an initial three-year term, and could be extended to €105 million and by two years.
The new credit deal replaces an existing €35 million facility, and brings better terms, the company said.
Keywords Studios provides technical services to the video games industry, covering integrated art production, engineering, audio services, testing, localisation and player support services across 50 languages and 14 game platforms.
“We are pleased to have finalised this significantly expanded facility, on terms which improve upon our previous arrangement, in line with our intention of maintaining a conservative mix of equity and debt funding to support our investments in both the underlying business and new activities,” said chief executive Andrew Day. “We have made four acquisitions to date this year and, over the last 12 months, we have invested to substantially expand our capacity across six existing and five new facilities.”
The Irish company has been on an acquisition spree recently, with its latest deal for London-based Fire Without Smoke announced a week ago.
“We are reviewing a strong pipeline of acquisition candidates and organic investment opportunities as we continue to build our business organically and through acquisition,” Mr Day said. “This facility gives us the flexibility and headroom to act on our investment decisions while continuing to enhance shareholder value.”