Business
RM plc: Bank covenants waiver agreement
RM plc: Bank covenants waiver agreement.
About this update from Rm Plc
[{"type":"text","content":"\n \n \n \n\n\t\n\n\n\n\n\n\n\n\n\n\n\nRM plc (RM.)\n\n\n\n\n\n\nRM plc: Bank covenants waiver agreement 29-Nov-2023 / 07:00 GMT/BST\n\n\n29 November 2023\n\n \n\nRM plc\n\nBank covenants waiver agreement \n\n \n\nRM plc, a global educational technology, digital learning and assessment solution provider (“RM”, the “Company”), announces that it has reached agreement with its lenders to extend its unconditional covenant waiver to cover the 30 November 2023 covenant test date. \n\n \n\nAs announced in its half year results on 9 August, the Company entered into discussions with its lenders to agree suitable waivers and amendments to its existing Facility. On 29 August the renegotiation of the waiver for the period ended 31 August 2023 was announced. In today’s announcement the Company confirms that it has received waivers from its lenders for its 30 November EBITDA financial covenant and continues to comply with the conditions of each lender with regards to that waiver and the respective Facility Agreement. This concludes the waiver negotiations for the financial year ending 30 November 2023. \n\n \n\nThe renegotiation of an amendment and extension of its lending facility, which matures in July 2025 is ongoing and the Company still expects the renegotiation to have concluded by the end of Q1 2024.\n\n \n\nMark Cook, Chief Executive of RM, commented:\n\n \n\n\"I am grateful for the continuing support of our lenders and the amendment to our facility’s covenants for the full year. Both lenders have held long term supportive relationships with the Company over many years and continue to support RM as it embarks on its plans to simplify the business, reduce its net debt, and return the Company to growth and profitability.”\n\n \n\n \n\nEnquiries:\n\nRM plc [email protected]\n\nMark Cook, Chief Executive Officer\n\nSimon Goodwin, Chief Financial Officer\n\nFiona O’Nolan, Investor Relations\n\n \n\n \n\nNotes to editors\n\nRM provides market-leading products and services to educational institutions, exam bodies and international governments which improve, simplify and support education and learning.\n\nThe education sector is transforming, and RM is well positioned to capitalise on this through its three divisions.\n\nRM Assessment is a leading provider of assessment software, s...