Molten Ventures agrees to new £150m NAV facility

Venture capital firm Molten Ventures said on Wednesday that it has agreed to a new £150.0m net asset value facility with JP Morgan Chase and Silicon Valley Bank.

Molten Ventures stated that its new debt facility was made up of a £90.0m term loan and a revolving credit of up to £60.0m on three-and two-year tenors, respectively, both with one-year extensions up to five years, and was secured against various assets and LP interests in the group.

The FTSE 250-listed firm noted that the debt facility, which comes with an interest rate of SONIA plus a margin of 5.5% per annum, was underpinned by the value of its investment portfolio and the drawdown was subject to a maximum loan to value ratio of 10%.

Molten added that the debt facility will be utilised for investment and corporate purposes and to repay its existing £65.0m facility with SVB and Investec in full.

Chief executive Martin Davis said: "We had signalled the expansion of the debt facility in the full year results and are pleased to enter this new relationship with JPM alongside the continued support of SVB to secure further investment capital for the company.

"The debt facility has been scaled to realign our capital structure with our previously stated target of 10% of portfolio value and provides increased funding flexibility."

As of 0805 BST, Molten shares were down 2.37% at 319.06p.

Reporting by Iain Gilbert at Sharecast.com