ClearStar Agrees USD5 Million Credit Facility With Silicon Valley Bank

LONDON (Alliance News) - ClearStar Inc announced Wednesday it has secured a recurring revenue ...

Alliance News 25 October, 2017 | 9:33AM
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LONDON (Alliance News) - ClearStar Inc announced Wednesday it has secured a recurring revenue credit facility with UK-based Silicon Valley Bank to fund the company's working capital needs.

The facility is worth up to USD5.0 million and will mature on October 19 2019, and any funds drawn down are subject to interest at competitive market rates.

ClearStar, which provides technology and services to the background checking industry, said it will help the company to capitalise on opportunities it has identified particularly in direct services and medical information services.

Chief Executive Robert Vale commented: "We are pleased to have received this funding from such a prestigious financial institution as we continue to receive increasing demand for our technologically-differentiated solutions, particularly for medical information services and directly from large corporates."

"This agreement with Silicon Valley Bank, which has a significant track record of supporting technology businesses, reflects their confidence in our potential and we look forward to deploying this capital to deliver sustained revenue growth," Vale added.

ClearStar shares were untraded at 43.00 pence on Wednesday.

By George Collard; georgecollard@alliancenews.com

Copyright 2017 Alliance News Limited. All Rights Reserved.

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Securities Mentioned in Article
Security Name Price Change (%) Morningstar
Rating
ClearStar Inc 62.70 GBX 8.10 -
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