Marks & Spencer says covenant relaxation extended until next year

Tue, 13th Apr 2021 20:34

(Alliance News) - Marks & Spencer Group PLC on Tuesday said it has secured an agreement with lenders to extend a relaxation of covenant tests.

Covenant tests for a GBP1.1 billion revolving credit facility, with a syndicate of banks, has been extended until March of next year.

"This further secures the group's liquidity to underpin its recovery and accelerated transformation in 2021," the retailer said.

M&S shares closed 1.5% higher at 157.20 pence each in London on Tuesday.

By Eric Cunha; ericcunha@alliancenews.com

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