NCC Group, the Manchester-based global cyber security firm, announced it agreed a new four-year £162.5 million multi-currency revolving credit facility maturing December 2026.

The facility “together with a £75m uncommitted accordion option” is provided by National Westminster Bank plc, HSBC UK Bank plc, ING Bank N.V and Fifth Third Bank, N.A.

NCC Group has 14,000 customers worldwide. The firm employs 2,400 people in 12 countries and has a significant market presence in North America, Europe and the UK, and a growing footprint in Asia Pacific with offices in Australia, Japan and Singapore.

NCC has a current stock market value of more than £600 million.

“The facilities replace the group’s previous £100m multi-currency revolving credit facility and $70m term loan with National Westminster Bank plc, HSBC UK Bank plc & ING Bank N.V, which had an expiry date of June 2024,” said NCC.

“The group remains prudently leveraged, with net debt as of 30 November 2022 amounting to c.£55m following the acquisition of IPM in June 2021 for $216.1m.

“The facilities are unsecured, and the interest rate of the facility is on a ratchet mechanism with a margin payable above SONIA & SOFR in the range of 1.00% to 2.25% depending on the level of the group’s leverage.”

NCC Group CFO Tim Kowalski said: “We continue to demonstrate effective cash management and our balance sheet strength enables us to continue to fund organic and inorganic opportunities as they arise.

“This new facility, which adds another established institutional lender to our banking group, will provide NCC group with additional firepower and flexibility as we evolve our strategy in 2023.

“I would like to thank our existing banking group for their continued support, and welcome Fifth Third Bank, N.A.”