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