RPS Group obtains additional £60 million 12-month revolving facility

By Sarah Lizee

Olympia, Wash., April 27 – RPS Group plc obtained a £60 million 12-month revolving credit facility in addition to its existing £100 million committed revolver, according to a press release.

The additional financing was provided by HSBC, Lloyds and NatWest.

RPS also agreed to new financial covenant tests that allow operational flexibility during the next 12 months. These are applicable to all of RPS' revolving facilities and U.S. private placement notes in issue and replace existing tests.

The new financial covenants include a monthly minimum threshold covenant, leverage and interest cover tests as at Dec. 30, 2020 and March 31, 2021, but none at June 30, 2020.

The company said the new facility and financial covenants will provide increased financial liquidity to enable it to navigate the challenges of the Covid-19 pandemic and take advantage of the economic recovery as it comes through.

The Abingdon, U.K.-based company is a professional services firm of consultants and service providers.

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