Koninklijke FrieslandCampina N.V. has closed a new credit facility for an amount of EUR 1 billion with a syndicate of Dutch and international banks.
The syndicated committed credit facility has a term of three years and will be used for the current financing of the company. This new credit facility replaces the Friesland Foods EUR 550 million revolving credit facility of 18 April 2005 with a term of five years and bilateral credit facilities of Campina. The subscription opened in July. The facility ended up being oversubscribed by 25 per cent.
Kees Gielen, CFO of Koninklijke FrieslandCampina: “Despite the difficult prevailing credit conditions, we have succeeded in closing a new credit facility. The great international interest and the oversubscription testify to the confidence that financial institutions have in FrieslandCampina. Our good international position in the dairy sector and our cooperative structure played a role in this. This is important for our member dairy farmers who are the owners of the company through the cooperative.”
The syndicate consists of the following banks: Fortis Bank Nederland, ING Wholesale Banking, Lloyds TSB Bank plc, Rabobank International, the Royal Bank of Scotland, Bank of Tokyo Mitsubishi, Friesland Bank, KBC, Banque LBLux, NIBC, HSBC, BBVA, Citibank and Intesa SanPaolo.