Endava Announces £350 Million Revolving Credit Facility

Rhea-AI Summary

Endava (NYSE: DAVA) has successfully closed a £350 million unsecured, multicurrency revolving credit facility aimed at supporting its future capital investments and development activities. This new facility replaces the previous £200 million credit facility expiring on October 12, 2024. The new credit line includes options for an additional £150 million and two one-year renewal options. CFO Mark Thurston emphasized its significance for both organic and inorganic growth.

Endava, which specializes in product and technology strategies, serves various sectors including Payments, Financial Services, and Healthcare, employing over 12,000 professionals globally.

Positive

• Secured a £350 million unsecured credit facility to support future growth.
• Replaces an existing £200 million facility, indicating improved financial flexibility.
• Includes options for an additional £150 million in borrowing.

Negative

• None.

LONDON--(BUSINESS WIRE)-- Endava (NYSE: DAVA): Endava plc (“Endava” or the “Company”) today announced the successful closing of a £350 million unsecured, multicurrency revolving credit facility (the “Multicurrency Revolving Credit Facility”). This facility is for general business purposes, including future capital investments and development activities.

The Multicurrency Revolving Credit Facility replaced Endava’s existing £200 million unsecured revolving credit facility which was due to expire on 12 October 2024. The new Multicurrency Revolving Credit Facility is with HSBC UK Bank plc, DNB (UK) Limited, National Westminster Bank plc, Banco Bilbao Vizcaya Argentaria, S.A., London Branch, KeyBank National Association and Fifth Third Bank, National Association as mandated lead arrangers, bookrunners and original lenders with National Westminster Bank plc acting as agent. The obligations under the Multicurrency Revolving Credit Facility are guaranteed by Endava and each of Endava (UK) Limited, Endava Inc., Endava Holding B.V., Endava B.V., Levvel, LLC and Endava, digitalne rešitve, d.o.o.

The Multicurrency Revolving Credit Facility also provides for uncommitted accordion options for up to an aggregate of £150 million in additional borrowing and has two renewal options for one year each.

“This new and increased credit facility is intended to support Endava’s future capital investments and development activities, both organic and inorganic,” said Mark Thurston, Endava’s CFO.

ABOUT ENDAVA:

Endava is reimagining the relationship between people and technology. By leveraging next-generation technologies, our agile, multi-disciplinary teams provide a combination of product & technology strategies, intelligent experiences, and world class engineering to help clients become digital, experience-driven businesses by assisting them in their journey from idea generation to development and deployment of products, platforms and solutions. Endava collaborates with its clients, seamlessly integrating with their teams, catalysing ideation and delivering robust solutions.

Endava services clients in Payments and Financial Services, TMT, Consumer Products, Retail, Mobility and Healthcare. As of September 30, 2022, 12,065 Endavans served clients from locations in Asia-Pacific, Middle East, North America and Western Europe and delivery locations in Argentina, Bosnia & Herzegovina, Bulgaria, Colombia, Croatia, Malaysia, Mexico, Moldova, North Macedonia, Poland, Romania, Serbia, Slovenia and Uruguay.

Forward-Looking Statements:

This report includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements may be identified by the use of terms and phrases such as “expect,” “plan,” “potential,” “intended” and other similar terms and phrases. Such forward-looking statements include, but are not limited to, the statements regarding the availability of borrowing under the Multicurrency Revolving Credit Facility and the ability of such borrowings to support the Company's future capital investments and development activities. Forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from the results anticipated by these forward-looking statements, including, but not limited to: the risks and uncertainties discussed in the “Risk Factors” section of Endava’s Annual Report on Form 20-F filed with the Securities and Exchange Commission on October 31, 2022.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230208005986/en/

INVESTOR CONTACT:

Endava Plc

Laurence Madsen, Investor Relations Manager

Investors@endava.com

Source: Endava

FAQ

What is the new credit facility amount announced by Endava?

Endava has announced a £350 million unsecured multicurrency revolving credit facility.

When does the previous credit facility expire?

The previous £200 million credit facility is due to expire on October 12, 2024.

What are the intended uses for the new credit facility?

The new credit facility is intended for general business purposes, including future capital investments and development activities.

Who are the lenders involved in Endava's new credit facility?

The lenders include HSBC UK Bank plc, DNB (UK) Limited, National Westminster Bank plc, and others.

Does the new credit facility offer additional borrowing options?

Yes, it includes accordion options for up to an aggregate of £150 million in additional borrowing.