Rank Group PLC (LON:RNK) announced it signed a new two-year £25mln 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 £55mln revolving credit facility and the remaining £108.4mln term loan.
The new facility is subject to the same financial covenant waiver and other conditions, including a quarterly minimum £50mln cash and available facilities test, of other banking agreements already in place.