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09/02/2011

iBAHN Secures Credit Facility To Support Global Distribution Of IPTV Platform To Hotels

iBAHN, a leading digital entertainment and internet solutions provider for the hospitality and meeting industries has secured a $20 million credit facility with JP Morgan Chase & Co.
The new multi-year credit facility will be used for continued growth and installation of iBAHN's IPTV platform in premium hotels in the EMEA region and throughout the world.
Financially stable with seven consecutive years of profitable operation, the new credit facility is a reflection of the company's solid financial position.
Graeme Powell, Managing Director EMEA, iBAHN commented: "We are pleased to have secured this new credit facility with a leading global financial institution in challenging times for the hospitality industry. This will enable us to expand our role as one of the fastest-growing hospitality IPTV providers in the world. I look forward to using a good proportion of this centrally-agreed funding to help EMEA continue with its rapid growth."
Proceeds from the credit facility will be used for capital expenditures related to contractual agreements to provide services to hotels and similar establishments. iBAHN presently operates in 42 countries on six continents.
(KMcA/GK)
VMI.TV Ltd

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