Business
New Revolving Credit Facility with HSBC Bank
New Revolving Credit Facility with HSBC Bank.
About this update from Manolete Partners Plc
[{"type":"text","content":"\n\n28 March 2025\n \n \nManolete Partners PLC\n(\"Manolete\" or the \"Company\")\n \nNew Revolving Credit Facility with HSBC Bank\nManolete Partners Plc (AIM:MANO), the leading UK-listed insolvency litigation financing company, is pleased to announce it has signed a new Revolving Credit Facility (\"RCF\") with its existing provider, HSBC UK Bank Plc ( \"HSBC\").\n \nThe new RCF provides Manolete with the same level of facility as the previous arrangement, at £17.5m. However, the margin charged to Manolete by HSBC on the new RCF is at a reduced rate of 4.0% (previously 4.7%) over the Sterling Overnight Index Average (SONIA) and has a reduced non-utilisation fee, from 1.88% to 1.40%.\nThe new RCF is a 3.25-year facility with an initial maturity of 27 June 2028. Manolete has the option to further extend the facility on its current terms by an additional year.\nThe covenants remain unchanged except for the Asset Cover covenant which has been relaxed for the next six months.\n \nSteven Cooklin, CEO commented: \"We are delighted to have secured a new long-term commitment to the business from HSBC, which is testament to the strong partnership we have established since 2018. The improved terms of the facility demonstrate confidence in the Manolete business.\"\n \n \nThis announcement contains inside information as defined in Article 7 of the Market Abuse Regulation No. 596/2014 (\"MAR\").\n\n \nFor further information please contact:\n\n \nManolete Partners\nSteven Cooklin (Chief Executive Officer) via Instinctif Partners\n\n \nCanaccord (NOMAD and Sole Broker) +44 (0)20 7523 8000\nStuart Andrews, Harry Rees\n\n \nInstinctif Partners (Financial PR) +44 (0)20 7457 2020\nHannah Scott\n\n \nCavendish (Debt Advisor) +44 (0)20 7908 6037\nAlistair Hay\nRosie Pennell\n\n","length":4658,"tagName":"div"}]