(Alliance News) - Bakkavor Group PLC on Tuesday said it has concluded a planned refinancing of its core bank facilities, agreeing a new term loan and revolving credit facilities totalling GBP455 million.
The FTSE 250-listed prepared food maker said the facilities mature in March 2024, with an option to extend the tenure by a further two years, subject to lender approval.
The new facilities replace Bakkavor's existing GBP410 million term loan and revolving credit of facilities, the London-based company said. These had been due to mature in June 2021.
These facilities have been provided by ten banks and were co-ordinated by HSBC UK Bank PLC and Cooperatieve Rabobank UA, both acting as joint bookrunners and joint mandated lead arrangers, Bakkavor said.
Bakkavor shares were trading 6.6% higher in London on Tuesday at 62.45 pence a share.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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Bakkavor (BAKK)