- Satellite Evolution
AAC Clyde Space strengthens short-term financing to manage larger business volumes
AAC Clyde Space has expanded its existing overdraft bank facility from SEK 5 M to SEK 30 M. The move will enable the Group to deliver on its expanding order backlog, as it strengthens the working capital to an appropriate level for current business activities.
The Group's target for short-term financing is considered met by the increase in the bank facility. Chattel mortgages in AAC Clyde Space AB and the shares in Omnisys Instruments AB have been pledged to the bank as deposit securities. The interest rate is Stibor 1 week plus 3 % and the term is, as is normal for an overdraft facility, one year with a yearly extension on December 31st.