Pace agrees financing for deal
Digital television technologies firm Pace has revealed further details of how it will finance its £308m acquisition of 2Wire, the leading US provider of residential gateways, software and services to broadband service providers.
Saltaire-based Pace yesterday signed final documentation with HSBC and The Royal Bank of Scotland in respect of fully underwritten facilities.
The facilities consist of a £194.7m loan facility and a £97.4m revolving credit facility.
Pace said the acquisition of 2Wire remained conditional on certain conditions including regulatory consents and shareholder approval at a general meeting.
The company has cancelled a £35m revolving facility with RBS.
Pace believes the 2Wire deal will expand its customer base across the Atlantic and provide opportunities in the telecommunications market.
2Wire boasts customers including US telecoms giant AT&T.