Bakkavor Group Completes Bank Refinancing
Prepared foods provider Bakkavor Group has announced the completion of a planned refinancing of its core group bank facilities, agreeing a new term loan and revolving credit facilities totalling £455 million (€489.6 million).
The group said that the facilities are due to mature in March 2024, with the option to extend their tenure by a further two years subject to lender approval.
They replace the group's existing £410 million (€449.3 million) term loan A and revolving credit of facilities, which were due to mature in June 2021.
The facilities have been provided by ten banks, including three new banks, and were co-ordinated by HSBC UK Bank plc and Coöperatieve Rabobank U.A, who together acted as joint book runners and joint mandated lead arrangers.
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