At the size of transaction the usual term would be three years....

At the size of transaction the usual term would be three years. The credit guys clearly want a review in the light of trading performance and to see some asset sales.

It is great news the banks have come to the party (basically no choice) - but a note of caution - no details have been made re costs, covenants etc - every review normally includes a review fee, change in terms etc - the impact of these will affect bottom line.....but it is great news at least the major risk of survival has gone so management can drive the business forward