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Rank Group Signs New £25M Revolving Credit facility with Lloyds Bank

Published

4 years ago

July 8, 2021

Niji Narayan

Rank Group Signs New £25M Revolving Credit facility with Lloyds Bank

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Rank Group PLC has announced that it has signed a new two-year £25m revolving credit facility with Lloyds Bank.

The Mecca Bingo and Grosvenor Casino owner said it will provide it extra liquidity and the opportunity to speed up investment in its transformation plan whenever cashflows are sustainable again.

It adds to the group’s existing £55m revolving credit facility and the remaining £108.4m term loan.

The new facility is subject to the same financial covenant waiver and other conditions, including a quarterly minimum £50m cash and available facilities test, of other banking agreements already in place.

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Niji Narayan

Niji Narayan has been in the writing industry for well over a decade or so. He prides himself as one of the few survivors left in the world who have actually mastered the impossible art of copy editing. Niji graduated in Physics and obtained his Master’s degree in Communication and Journalism. He has always interested in sports writing and travel writing. He has written for numerous websites and his in-depth analytical articles top sports magazines like Cricket Today and Sports Today. He reports gaming industry headlines from all around the globe.