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Bakkavor successfully completes refinancing

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Bakkavor successfully completes refinancing

Bakkavor successfully completes refinancing
June 14
11:29 2013

Bakkavor Group, a leading international producer of fresh prepared foods, is pleased to announce the completion of its debt refinancing. The new funding 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.

The refinancing comprises 3 components:

  • £150 million 8.75% 7-year fixed rate bond;
  • £130 million bank facilities maturing in October 2016, comprising a £60 million term loan and a £70 million revolving credit facility;
  • £80 million 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 of its existing 2018 Notes and pay related transaction fees and expenses.

Commenting on the refinancing, Group CEO Agust Gudmundsson said:

“Today’s refinancing is a further step forward in strengthening our balance sheet. This affords us greater financial flexibility to execute our business strategy and deleverage the business through profit growth and strong cash flow.”

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