October 27, 2010 (FinancialWire) (Go to http://www.financialwire.net/?s=ftrdnwswnd for all of today’s featured news.) — MAM Software Group, Inc. (OTCBB: MAMS) said that it has closed a 1,324,550 pound Sterling, three-year term loan with HSBC Bank plc.  At the current exchange rate, the net proceeds were approximately US$2.0 million.

The term loan is payable in GBP, and at the current exchange rate, the monthly installments are around US$62,000 including interest of 3.4%.

Mike Jamieson, CEO of MAM, said that, “In addition to the favorable interest rate, the debt is not convertible and the company was not required to issue warrants to complete the transaction.

The US$2.0 million funding joins a US$3.3 million equity financing the company completed earlier this month, which together allows MAM to prepay its currently outstanding 16% per annum $3.2 million term loan and the 13.5%, $1.0 million revolving credit facility due ComVest Capital, LLC.

After repaying these obligations the company added around $1.1 million to working capital.

UK-based MAM Software is a supplier of business and ERP supply chain management solutions to automotive parts manufacturers, distributors and retailers.

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