Regulatory Story | |||
Go to market news section | |||
|
17 March 2020
Bakkavor Group plc
Completion of Refinancing
Bakkavor Group plc, the leading provider of fresh prepared food, is pleased to announce that it has successfully concluded a planned refinancing of its core group bank facilities, agreeing new term loan and revolving credit facilities totalling £455m (the 'Facilities').
The Facilities are due to mature in March 2024, with an option to extend the tenure by a further two years (subject to lender approval). They replace the Group's existing £410 million term loan A and revolving credit of facilities, which were due to mature in June 2021.
In line with the Group's Corporate Responsibility ('CR') strategy, the margin on the Facilities is also linked to two of the Group's CR targets: its performance against food waste reduction and greenhouse gas emission targets.
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. trading as Rabobank London, both acting as Joint Bookrunners and Joint Mandated Lead Arrangers.
ENQUIRIES
Institutional investors and analysts:
Peter Gates, Chief Financial Officer
Sally Barrett-Jolley, Head of Corporate Affairs +44 (0) 20 7908 6143
Media:
Tulchan Communications
Will Smith, Michelle Clarke +44 (0) 20 7353 4200
About Bakkavor
Bakkavor is the leading provider of fresh prepared food ('FPF') in the UK, with a growing international presence in the United States and China. The Group is the number one by market share in the UK in the four FPF product categories of meals, salads, desserts and pizza & bread, providing high-quality, fresh, healthy and convenient food. Its customers include some of the UK's leading grocery retailers, including Tesco, Marks & Spencer, Sainsbury's and Waitrose. The Group's International segment operates in the US and China. As these FPF markets continue to grow, Bakkavor seeks to leverage its UK expertise in order to build its presence in these territories. Bakkavor was founded in 1986 and has its headquarters in London. The Group has over 20,000 employees and operates 25 factories in the UK, 5 in the US and 9 in China.
LEI number: 213800COL7AD54YU9949
DISCLAIMER - FORWARD-LOOKING STATEMENTS
This press release, prepared by Bakkavor Group plc (the 'Company'), may contain forward-looking statements about Bakkavor Group plc and its subsidiaries (the 'Group'). Forward-looking statements involve uncertainties because they relate to events, and depend on circumstances, that will, or may, occur in the future. If the assumptions on which the Group bases its forward-looking statements change, actual results may differ from those expressed in such statements. Forward-looking statements speak only as of the date they are made and the Company undertakes no obligation to update these forward-looking statements. Nothing in this statement should be construed as a profit forecast. Some numbers and period on period percentages in this statement have been rounded or adjusted in order to ensure consistency with the financial information.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
London Stock Exchange plc is not responsible for and does not check content on this Website. Website users are responsible for checking content. Any news item (including any prospectus) which is addressed solely to the persons and countries specified therein should not be relied upon other than by such persons and/or outside the specified countries. Terms and conditions, including restrictions on use and distribution apply. |
©2014London Stock Exchange plc. All rights reserved |
Completion of Refinancing - RNS
Attachments
- Original document
- Permalink
Disclaimer
Bakkavör Group plc published this content on 17 March 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 17 March 2020 07:05:08 UTC