DJ RM plc: Extension and amendment of Banking facility
RM plc (RM.)
RM plc: Extension and amendment of Banking facility
06-March-2024 / 13:48 GMT/BST
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6 March 2024
RM plc
Extension and amendment of Banking facility
RM plc, ("RM", the "Company"), a leading global educational technology, digital learning and assessment solution
provider, announces that it has reached agreement with its lenders to extend its current facility by a further year to
the end of July 2026.
As previously announced, in the second half of 2023, the Company entered discussions with its Lenders to extend its
current facility by a further year and to review the requirements of the covenant testing. These discussions have now
successfully concluded, and the Company has secured an agreement with Lenders which extends the existing GBP70m facility
to July 2026 and has reset the requirements and extended the term of the quarterly minimum last twelve months ("LTM")
EBITDA covenant tests to November 2025. From February 2026, the covenant tests are replaced by a quarterly LTM EBITDA
(post IFRS16) leverage test and interest cover, both of which are required to be below 4 times. The "hard" liquidity
covenant was also lowered to GBP5m for the periods 15th September to 24th October 2024 and 1st January to 21st March
2025. All other requirements, including the fixed and floating charge and soft liquidity covenants, remain materially
unchanged under the update.
Mark Cook, Chief Executive of RM, commented:
"I am grateful for the continuing support of our lenders and the extension to our facility and amendment to the
covenant tests. Both lenders have held long term supportive relationships with the Company over many years and continue
to support RM as it embarks on its strategic development programme to simplify the business, reduce its net debt, and
return the Company to growth and profitability."
Enquiries:
RM plc investorrelations@rm.com
Mark Cook, Chief Executive Officer
Simon Goodwin, Chief Financial Officer
Fiona O'Nolan, Investor Relations
Notes to editors
RM was founded in 1973, with a mission to improve the educational outcomes of learners worldwide. Fifty years on, we
are a trusted Global EdTech, digital learning and assessment solution provider, transforming learners, educators, and
accreditors to be more productive, resilient, and sustainable. Our simple approach enables us to deliver best in class
solutions to optimise accreditation outcome.
RM is focused on delivering a consistently high-quality digital experience, acting as a trusted consultative partner to
provide solutions that deliver real impact for learners worldwide. Our three businesses include:
-- Assessment - a global provider of assessment software, supporting exam awarding bodies, universities, and
governments worldwide to digitise their assessment delivery.
-- TTS (Teacher Technology Solution) - an established provider of education resources for early years,
primary schools, and secondary schools across the UK and to 80 countries internationally.
-- Technology - a market-leading advisor and enabler of ICT software, technology and bespoke services to UK
schools and colleges.
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Dissemination of a Regulatory Announcement, transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.
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ISIN: GB00BJT0FF39
Category Code: MSCH
TIDM: RM.
LEI Code: 2138005RKUCIEKLXWM61
OAM Categories: 3.1. Additional regulated information required to be disclosed under the laws of a Member State
Sequence No.: 308101
EQS News ID: 1852951
End of Announcement EQS News Service
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March 06, 2024 08:48 ET (13:48 GMT)
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