Swedish confectionery firm Cloetta has announced that it has secured refinancing for up to four years through its existing banking group.
The company has entered into a new multicurrency term and revolving facilities agreement for the refinancing process.
It has also resolved to continue its existing commercial paper programme.
Frans Rydén, CFO of Cloetta, commend, “We are very pleased with the outcome of the refinancing process and the strong interest from our full banking group to continue to partner with us.
“Importantly, the structure secures financing and provides additional flexibility for the coming years. We look forward to a continued good co-operation with our banking group.”
The terms as agreed in the facilities agreement will come into effect on 30 June 2021 and comprise a SEK 800 million term loan repayable on 30 June 2023, with the possibility of extending the facility for an additional two years.
It also includes a €125 million term loan repayable on 30 June 2024 and a €60 million revolving credit facility (currently EUR 120m), available up to 30 June 2025.
The term loan and revolving credit facility both offer the possibility of extension for two years.
Cloetta added that the commitments under the facilities agreement are split equally between Danske Bank A/S, DNB Bank ASA, Sweden Branch, Skandinaviska Enskilda Banken AB (publ), and Svenska Handelsbanken AB (publ).
Skandinaviska Enskilda Banken AB (publ) is acting as agent and coordinator of the process in their role as Coordinating Bookrunner.
The confectionery firm reported a 14.9% decline in net sales, to SEK 1.5 billion (€150 million), in the fourth quarter of its financial year ended December 2020.