Rank Group secures £25m revolving credit facility
Rank Group has announced that it has signed a new two year £25m revolving credit facility agreement with Lloyds Bank plc.
The facility provides the Group with additional liquidity and the opportunity, when we are confident that the Group is delivering sustainable positive cashflows, to accelerate investment in the Group’s transformation plan.
The new facility is subject to the same financial covenant waiver and associated conditions, including a quarterly minimum £50m cash and available facilities test, that are in place across the Group’s other bank facility agreements.
This new facility is in addition to the Group’s existing £55m RCF and the remaining £108.4m term loan.