First loan agreement for _wige MEDIA AG in six long years. “It is an important step into the direction of growth financing,” says Peter Lauterbach, CEO of _wige MEDIA AG
CN: _wige MEDIA AG granted loan with additional funds of more € 2.5 million
Cologne, 18 July 2017.
_wige MEDIA AG signed the first loan agreement today in six years with a major German bank. The company is to receive additional funds of up to € 2.5 million from Deutsche Postbank AG in the period through to June 2018 (under the draft agreement). The interest rate is 3 %.
Peter Lauterbach, CEO of _wige MEDIA AG commented:
“Following the restructuring and the strategic realignment of the company, this is an important step in the direction of financing growth more efficiently.”
As _wige MEDIA will already be turning a profit in the current year, despite the high level of investment in sporttotal.tv, its amateur football platform, and is aiming to achieve revenues in excess of € 100 million and an EBIT margin of more than 10 percent, the foundations for a new financing structure have been laid.
“While we largely depended on capital increases in the years of our restructuring, and loan financing, for instance, was not possible, we will now be tapping further sources of financing to the benefit of our shareholders.”