Accident Exchange slashes debt by £50m

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Separately, the business has also secured a new three-year credit agreement with its senior lender, Morgan Stanley, to extend £43m of working capital facilities until December 2013.

The £50m liability, in the form of convertible loan notes - which was originally due for repayment at the end of 2013 - has been erased in the debt for equity deal. Shareholders unanimously approved the new arrangement at an EGM held yesterday.

“Both deals materially strengthen the balance sheet,” said Steve Evans

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