9th Apr 2014 08:59
LONDON (Alliance News) - Household and personal-care products company McBride PLC Wednesday said it has completed the refinancing of its banking facilities, with the new arrangement providing EUR205 million.
McBride said the new arrangements replace its current committed facility of EUR175 million, which was due to mature in 2016.
It said that the new arrangement includes EUR65 million of loan notes issued in the US private placement market, maturing in November 2020 and April 2022, as well as EUR140 million revolving credit facility with five-year tenor, with Barclays PLC, HSBC Holdings PLC, KBC and BayernLB.
McBride said that the facility is at a slight reduction in interest rates, with covenants unchanged.
"The refinancing provides McBride with a robust funding platform on attractive terms from which to deliver the company's growth plans in the medium term," the firm said in a statement.
McBride shares were up 0.5% Wednesday morning to 94.00 pence per share.
Shares in the group plummeted last week after it issued a trading statement last week saying that is was unlikely to meet expectations for the full year ending June 2014. McBride said it saw a 4% decline in group revenues at constant currencies during the period from January 1 to April 2, with its Private Label division taking a hit in the UK and Italy due to the weak retail environment.
McBride also had said that looking ahead, market conditions remain unpredictable.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
Copyright © 2014 Alliance News Limited. All Rights Reserved.
Related Shares:
Mcbride