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Dairy Crest refinances

Fri, 14th Oct 2011 07:38

Chilled foods provider Dairy Crest, probably best known for its Cathedral cheese product, has refinanced its debt on slightly more onerous terms.The group has arranged a new bank facility that will mature in October 2016 and has also raised £54.5m through a debt placement."Key financial covenants remain unchanged but margins have increased slightly, reflecting current market conditions," the company said.A new five-year revolving credit facility of £170m, plus €150 from a syndicate of five banks, will replace existing bank facilities of £340m, consisting of £100m that was due to mature in November 2011 and £85m plus €175m that was due to mature in July 2013.Including the group's private placement debt, Dairy Crest's facilities will remain broadly unchanged at more than £600m.The group's chief executive, Mark Allen, said the new arrangements deliver "security of funding in the medium term which is important to us in today's financial markets."--jh