Bakkavör Group has announced the completion of its debt refinancing, with a newly agreed funding package now in place.
According to the UK-based company, the new package 'considerably extends the maturity of the group’s debt, diversifies its sources of funding and places the group in a stronger position for the future'.
Refinancing comprises three components – a £15m (€17.6m) 8.75 per cent seven-year fixed rate bond; £130m (€153m) bank facilities maturing in October 2016, comprising a £60m (€70.6m) term loan and a £70m (€82m) revolving credit facility; and £80m (€94m) receivables securitisation facility maturing in June 2016.
The Group has used these funds to repay existing bank facilities due to mature in June 2014, tender £18.1m (€21.3m) of its existing 2018 notes and pay related transaction fees and expenses.
'Today's refinancing is a further step forward in strengthening our balance sheet,' said CEO Agust Gudmundsson. 'This affords us greater financial flexibility to execute our business strategy and de-leverage the business through profit growth and strong cash flow.'
No comments yet