Rank Group secures two-year £25.0m RCF agreement with Lloyds Bank
Rank Group
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Gambling outfit Rank Group has signed a new two-year £25.0m revolving credit facility agreement with Lloyds Bank.
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Rank said on Wednesday that the facility provided the group with additional liquidity and the opportunity to accelerate investment in its transformation plan.
The FTSE 250-listed firm highlighted that the new facility was in addition to the group's existing £55.0m revolving credit facility and its remaining £108.4m term loan.
Rank also noted the new facility was subject to the same financial covenant waiver and associated conditions as before, including a quarterly minimum £50.0m cash and available facilities test.
As of 0920 BST, Rank shares were down 0.67% at 182.97p.