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. 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.
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