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