Molten Ventures VCT PLC on Tuesday provided an update regarding its revolving credit facility at Silicon Valley Bank’s UK subsidiary and JP Morgan Chase Bank NA.

Molten Ventures is a London-based venture capital firm. It currently has an undrawn revolving credit facility of up to £60 million with SVB UK and JP Morgan Chase, alongside a £90 million term loan. SVB UK provides 40% of the two facilities, with JPMorgan Chase Bank providing the rest, it said.

Following the acquisition by HSBC of SVB UK, Molten Ventures said the facilities will continue to be available for its use.

It added it has a strong cash position, with gross cash balances currently in excess of £30 million, of which less than £1 million is currently deposited with SVB UK.

‘As regards to Molten’s portfolio companies, the recent positive developments means that it does not anticipate any meaningful liquidity impact from the failure of SVB or SVB UK,’ Molten Ventures said in a statement.

‘The great majority of Molten’s core companies were already well diversified in terms of banking relationships and counterparty risk. Molten has worked closely with its portfolio companies to further improve the position over recent days.’

Shares in Molten Ventures were up 7.0% to 324.80 pence each in London on Tuesday afternoon.

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