{"id":108961,"title":"Ondo InsurTech PLC (AIM:ONDO) Loan Note restructuring to support rapid growth","publisher":"Share Talk","author":"sharetalk","published":"2023-07-11T06:50:51+00:00","modified":"2023-07-11T06:50:51+00:00","canonical_url":"https://www.share-talk.com/ondo-insurtech-plc-aimondo-loan-note-restructuring-to-support-rapid-growth/","markdown_url":"https://www.share-talk.com/ondo-insurtech-plc-aimondo-loan-note-restructuring-to-support-rapid-growth.md","json_url":"https://www.share-talk.com/ondo-insurtech-plc-aimondo-loan-note-restructuring-to-support-rapid-growth.json","category":"B2B","categories":["B2B","Business & Support Services","Technology","Technology, Media & Telecoms"],"tags":["Ashi Bagdadi","Aviva","Craig Foster","Direct Line","escape of water","Europe","Hiscox","household","Insurance","LeakBot","Loss Reduction Guarantee","New York Stock Exchange","North America","Ondo","Ondo InsurTech","Portsmouth","return-on-investment","water"],"featured_image":"https://i0.wp.com/www.share-talk.com/wp-content/uploads/2023/11/Stencil-Google-Chrome-2023-04-19-at-2.47.43-PM.jpeg?fit=1231%2C615&quality=89&ssl=1","format":"news","language":"en-GB","content":"Ondo InsurTech agrees Loan Note restructuring to support rapid growth.\n\nOndo InsurTech Plc (“Ondo“), the London-listed leader in claims prevention technology for home insurers, is pleased to announce that it has agreed a restructuring of its 5-year loan notes with its largest shareholder, Homeserve Assistance Limited (“Homeserve”), providing additional non-dilutive financing flexibility for continued rapid roll-out of the LeakBot system.\n\nThese loan notes, which are interest-free until 21 March 2024 form part of the consideration for the acquisition of the Leakbot business from Homeserve as set out in the prospectus dated 21 March 2022.\n\n**The key elements of this restructuring are:**\n\n·      Interest due from 31 March 2024 to 31 March 2025 rolled up and deferred.\n\n·      First repayment of principal deferred from 31 March 2025 to 31 March 2026\n\n·      Final redemption extended by 1 year to 31 March 2029\n\n·      Interest rate increased from 10% to 12% from 31 March 2024\n\nThe loan notes remain redeemable by Ondo by refinancing or repayment with 10 days’ notice.\n\nhttps://twitter.com/foster_ideas/status/1678655663755468801?s=20\n\n**Craig Foster, CEO of Ondo InsurTech Plc, says****:** “The financial flexibility provided by these terms granted by our largest shareholder supports our accelerated drive to profitability as we initiate contract roll-outs in Denmark, Sweden, the UK and the USA.”   "}