McColl’s wins covenant relief on £167.5m of bank debt
McColl’s, the UK retailer, has amended and extended £167.5m of bank debt in part to relax covenant requirements, as banks are still being called upon to be lenient with borrowers a year after the coronavirus pandemic started.
McColl’s has amended and extended a £100m revolving credit facility and an amortising £67.5m term loan. The deal now matures in 2024.
Tinkering with the terms offers “improved headroom against covenants”, the company said. It did not name the banks in the facility.Allied Irish Banks, Barclays, NatWest Markets and ...