Bulmers Maker C&C Group Completes Refinancing Of Bank Facilities
C&C Group has announced that it has completed the refinancing and enlargement of its bank facilities.
The new facilities will comprise a five-year multi-currency revolving credit facility of €450 million, and a three-year term loan of €150 million, reports Independent.ie
The margin, covenants and other material terms have been maintained in line with C&C’s existing revolving credit facility, according to a statement from the group.
Allied to this the Bulmers maker said that it has increased the facility size of its existing debtor securitisation.
"This transaction secures increased facilities for the enlarged group with both the flexibility and scope to meet our long-term corporate objectives," Jonathan Solesbury, C&C chief financial officer, said.
"Following the significant strategic developments we have made, it was pleasing to agree attractive terms on the new facilities both from our long-standing banking partners and new lenders to the syndicate."
Earlier this month, C&C has said that the good weather and the ongoing World Cup tournament has been positive for the group's trading,
A trading update from the start of March to date has shown growth across all the company's key markets and the heatwave in Ireland helped Bulmers to return to return to moderate volume growth in the year year-to-year the cider maker said.
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