You read it right as far as I can remember from when I looked at...

You read it right as far as I can remember from when I looked at the accounts.

RFG has a senior debt facility of 319M this gives the company the ability to trade so there's an overdraft, line of credit for working capital etc.

RFG has net debt of 259M iirc

So it has 60M of headroom which is normal you would not expect a company to draw down all of it's facility unless it had a debt problem and RFG doesn't.

Over the next year RFG will service the debt (pay interest) and amortise the debt by 12.5M that means in addition to interest 12.5M principal must be paid back. So long as RFG meets it debts repayments as stipulated then the banks will continue to make the 319M facility available.

RFG's borrowings are secured against RFG assets excluding goodwill and deferred tax. The banks stipulated in the original covenants that RFG could not sell any asset (the items that lending is secured over as detailed in the 2017 accounts) without the banks permission. The renegotiated covenant stipulates that RFG can sell assets but that 60% of proceeds must go to paying down debt unless the bank agrees to waive this requirement.