Brian Conlon to remain as First Derivatives CEO despite health condition
During the period of Mr Conlon’s treatment Seamus Keating, Chairman of FD, will provide additional executive and governance support.
First Derivatives plc (LON:FDP) today announces that Brian Conlon, Chief Executive Officer, has recently been diagnosed with cancer. In the face of this health condition, Mr Conlon will remain as Chief Executive Officer during his ongoing weekly treatment, which includes chemotherapy.
This treatment is expected to last a number of months, the company explains.
Seamus Keating, Chairman of FD, said: “The Board has set a clear strategy and the Executive Committee, led by Brian, has delivered strong execution of that strategy year-on-year. During the period of his treatment I will provide additional executive and governance support and I am confident that Brian and his team will continue to execute the Group’s growth plans successfully.”
First Derivatives has marked a series of achievements lately. In February this year, the company said it had agreed extended bank facilities totalling £130 million to support its growth plans. The facilities comprise a term loan of £65 million and a revolving loan facility of £65 million.
The five-year facilities will refinance the Group’s existing borrowings and will be partly used to finance the acquisition of the minority shareholding in Kx Systems, due to be made on June 29, 2019.
The term loan and the revolving loan facility will have an interest rate for the first 12 months of LIBOR plus 2.75%. After this, an interest rate ratchet will apply from LIBOR plus 2.00% to LIBOR plus 3.00% depending on the level of debt relative to EBITDA. This represents an improvement on current terms where the interest rate payable varies from LIBOR plus 2.25% to LIBOR plus 3.50%.
The lead arranger for the bank facilities is Bank of Ireland with participation from Barclays, First Trust Bank and Silicon Valley Bank.