REG - Manolete Partners - New Revolving Credit Facility with HSBC Bank

Manolete PartnersAnnouncement

28/03/2025 07:00

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RNS Number : 5895C  Manolete Partners PLC  28 March 2025

28 March 2025

 

 

Manolete Partners PLC

("Manolete" or the "Company")

 

New Revolving Credit Facility with HSBC Bank

Manolete 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").

 

The 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%.

The 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.

The covenants remain unchanged except for the Asset Cover covenant which has
been relaxed for the next six months.

 

Steven 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."

 

 

This announcement contains inside information as defined in Article 7 of the
Market Abuse Regulation No. 596/2014 ("MAR").

 

For further information please contact:

 

Manolete Partners

Steven Cooklin (Chief Executive Officer)              via Instinctif
Partners

 

Canaccord (NOMAD and Sole Broker)               +44 (0)20 7523
8000

Stuart Andrews, Harry Rees

 

Instinctif Partners (Financial PR)
+44 (0)20 7457 2020

Hannah Scott

 

Cavendish (Debt Advisor)
+44 (0)20 7908 6037

Alistair Hay

Rosie Pennell

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