7 July 2021
The Rank Group Plc
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.
Sarah Powell - investor relations
Tel: +44 1628 504 303
FTI Consulting LLP (PR adviser to Rank)
Tel: +44 20 3727 1067
Tel: +44 20 3727 1045