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(Sharecast News) - Manolete Partners announced on Friday that it has secured a new 17.5m revolving credit facility with HSBC UK, maintaining the same borrowing capacity as its previous arrangement but on improved terms.
The AIM-traded firm said the margin over SONIA was reduced from 4.7% to 4.0%, while the non-utilisation fee had been lowered from 1.88% to 1.40%.
It said the facility had an initial maturity date of 27 June 2028, and included an option for a one-year extension on the same terms.
While most covenants remained unchanged, the asset cover covenant had been temporarily relaxed for a six-month period.
Manolete said the revised terms would provide it with improved flexibility and cost efficiency as it continued to finance insolvency litigation cases across the UK.
"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," said chief executive officer Steven Cooklin.
"The improved terms of the facility demonstrate confidence in the Manolete business."
At 1100 GMT, shares in Manolete Partners were flat at 80p.
Reporting by Josh White for Sharecast.com.
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