Matalan cancels £20m RCF as covenant reset falls through

UK clothes retailer Matalan has cancelled £20m of its revolving credit facility after failing to negotiate an easing of the covenants with one of its banks.

  • 08 Mar 2012

The remaining £30m of the RCF, which was signed with another bank, remains in place, as Matalan was able to secure a covenant reset from that bank. The company is rated B3/B.

The £50m revolver was originally signed with Lloyds Banking Group and Royal Bank of Scotland in April ...

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