14 Oct 2011 07:00
14 October 2011
Dairy Crest Group plc ("Dairy Crest")
Debt refinancing completed
Dairy Crest is pleased to announce that it has successfully completed a debt refinancing by arranging a new bank facility that will mature in October 2016 and by raising additional debt private placement. In total, including existing debt private placement, Dairy Crest's facilities will remain broadly unchanged at over £600 million.
A new five-year revolving credit facility of £170 million plus €150 million from a syndicate of five banks and £54.5 million ($85 million) of debt private placement will replace existing bank facilities of £340 million, consisting of £100 million that was due to mature in November 2011 and £85 million plus €175 million that was due to mature in July 2013.
Key financial covenants remain unchanged but margins have increased slightly, reflecting current market conditions.
Mark Allen, Chief Executive, commented: "This delivers security of funding in the medium term which is important to us in today's financial markets. We continue to reduce risk in our business."
Dairy Crest will announce its Interim Results for the six months ending 30 September 2011 on 10 November 2011.
For further information:
Dairy Crest
Arthur Reeves 01372 472236
Brunswick
Simon Sporborg
Nina Coad 020 7404 5959