Tekmar agrees extension of Barclays trade loan facility

Offshore energy technology and service provider Tekmar has agreed an extension of its existing trade loan facility with Barclays to at least July 2023.

The AIM-traded firm said that would align with the annual review date of its banking facilities.

It said the extension of the trade loan would maintain a facility of up to £4m, which could be drawn against supplier payments, and was provided with support from UK Export Finance.

“The extension of the trade loan, together with the extension of the CBILs term loan facility announced on 10 October, completes the renewal of the group’s existing facility and financing arrangements,” the board said in its statement.

At 1148 GMT, shares in Tekmar Group were down 2.22% at 8.8p.

Reporting by Josh White for Sharecast.com.