As part of the extension of the facility, it has been converted into an A$ facility of A$60 million and the rate will be fixed rather than variable. The other components remain at the current level with the result that the costs to IBA for servicing the loan have not increased. IBA has agreed to pay an extension fee of 2.6% to AEP.
Executive Chairman & CEO of IBA, Gary Cohen, stated "AEP and IBA have a close working relationship and these changes have been agreed between us and are designed to simplify our capital structure and to provide us with funding certainty in this difficult period in the markets."
Managing Director of AEP, Robert Moran, stated "IBA is performing well at an operational level. The integration between IBA and iSOFT has proceeded in accordance with plan and the prospects for the business continue to be very positive. We are pleased to be continuing to support IBA."
Oceania Capital Partners Limited
iSOFT Group Limited