(Alliance News) - Greencore Group PLC on Thursday said it signed a new five-year GBP350 million sustainability-linked revolving credit facility.
The Dublin-based convenience food manufacturer said the new facility replaces its existing GBP340 million facility and GBP45 million term loan, extending the group's average maturity profile to 4.5 years.
The new facility is provided by Allied Irish Banks PLC, Barclays Bank PLC, Cooperatieve Rabobank UA (trading as Rabobank Dublin), Danske Bank AS, Irish Branch and HSBC Continental Europe.
Greencore said the facility has the option of two additional one-year extensions, including a GBP100 million accordion feature.
"Greencore continues to deliver on its ambition to build a stronger, more efficient business serving our customers and consumers across the UK. This new facility provides us with significant new financial flexibility to deliver on our growth objectives while aligning our financing arrangements with our sustainability targets," said Chief Executive Officer Dalton Phillips.
Greencore will announce its full-year results on Tuesday next week.
Shares in Greencore were up 1.5% to 100.40 pence each in London on Thursday late morning.
By Greg Rosenvinge, Alliance News senior reporter
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