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HSBC Provides $10MM Revolver to WANdisco

August 06, 2014, 06:00 AM
Filed Under: Technology
Related: HSBC Bank

WANdisco plc has agreed to a $10MM revolving credit facility with HSBC Bank plc ("HSBC"), available until 31 March 2017.
The funds available through the facility will be used to finance WANdisco's continued expansion in the Big Data market, including product development and go-to-market activities. The interest rate on funds drawn down under the facility will be 1.2% above the prevailing LIBOR interest rate.
Paul Harrison, WANdisco Chief Financial Officer, commented: "I am pleased that HSBC has committed this credit facility to WANdisco. The reliability, predictability and high growth potential of our subscription-based business model enabled us to secure this credit facility on attractive terms. HSBC's involvement, alongside our equity investors, diversifies our financing options as we expand in the Big Data marketplace, a marketplace that is attracting corporate investments on a significant scale."

HSBC's evaluation concluded that WANdisco represents an attractive lending proposition, linked to a significant market opportunity in the rapidly evolving Big Data market. 

HSBC Head of Corporate Banking in the UK, Dan Howlett, added: "I am delighted that we have taken this opportunity to support WANdisco.  We were sufficiently impressed with the company's growth prospects to make a commitment at investment-grade interest rates. This transaction shows our support for emerging technology - a market we consider to have high potential."

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