Business Update

RNS Number : 3755E
Rank Group PLC
07 July 2021
 

7 July 2021

The Rank Group Plc

LEI : 213800TXKD6XZWOFTE12

Business Update

The Rank Group Plc (LSE: RNK) ('Rank' or 'the Group') provides an update on its banking facilities

Rank is pleased to announce that it has signed a new two year £25m Revolving Credit Facility ('RCF') 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.

Ends

Contacts:

 

Rank

 

Sarah Powell - investor relations

Tel: +44 1628 504 303

 

 

Media Enquiries:

 

FTI Consulting LLP (PR adviser to Rank)

 

Edward Bridges  

Tel: +44 20 3727 1067

Alex Beagley

Tel: +44 20 3727 1045

 

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