Greencore agrees new £350 million sustainability-linked facility
24 November 2023
Leading convenience foods manufacturer, Greencore has agreed a new five-year £350 million sustainability-linked revolving credit facility (RCF).
The new RCF replaces Greencore’s existing £340 million facility and a £45 million term loan and extends the group’s average maturity profile to close to 4.5 years.
The facility has the option of two additional one-year extensions and includes a £100 million accordion feature which provides further potential financing facilities.
The new RCF also incorporates performance targets that are aligned with Greencore’s long-term sustainability strategy.
“Greencore continues to deliver on its ambition to build a stronger, more efficient business serving our customers and consumers across the UK,” said Dalton Philips, CEO.
“This new facility provides us with significant new financial flexibility to deliver on our growth objectives while aligning our financing arrangements with our sustainability targets,” he added.
The RCF is provided by Allied Irish Banks plc, Barclays Bank Plc, Coöperatieve Rabobank U.A. (trading as Rabobank Dublin), Danske Bank A/S, Irish Branch, HSBC Continental Europe, The Governor and Company of the Bank of Ireland.
Allied Irish Banks plc acted as sustainability co-ordinator and Bank of Ireland acted as agent. Greencore was advised by IBI Corporate Finance.
The group is set to announce its full year results on 28 November 2023.