Manolete Partners Secures New Revolving Credit Facility with HSBC Bank
Why we think this is good
The RNS announcement from Manolete Partners Plc details the company's new revolving credit facility with HSBC Bank. The improved terms, including a reduced margin and non-utilization fee, demonstrate HSBC's confidence in the company and will have a positive impact on Manolete's financial performance by reducing its borrowing costs. This is a positive development for the business.
Key Points
- Manolete Partners Plc has signed a new £17.5m Revolving Credit Facility with HSBC Bank
- The new facility has a reduced margin of 4.0% over SONIA, down from 4.7% previously
- The non-utilization fee has been lowered from 1.88% to 1.40%
- The facility has an initial maturity of 27 June 2028, with an option to extend by 1 year
Summary
Manolete Partners Plc, the leading UK-listed insolvency litigation financing company, has signed a new £17.5m Revolving Credit Facility (RCF) with its existing provider, HSBC UK Bank Plc. The new RCF has a reduced margin of 4.0% over the Sterling Overnight Index Average (SONIA), down from 4.7% previously, and a lower non-utilization fee of 1.40%, compared to 1.88% before. The facility has an initial maturity of 27 June 2028, with an option to extend by an additional year.