Dairy company, Royal FrieslandCampina N.V., has improved its financing arrangement. The conditions of a € 1 billion Revolving Credit Facility have been amended and the term has been extended by two years to August 2015.
FrieslandCampina has reached agreement with fourteen banks about the € 1 billion Revolving Credit Facility. Compared to the current facility, the conditions have been improved by reducing the interest surcharge and extending the term. The term of the facility has been extended by two years and now runs until August 2015. The size of the facility remains unchanged at € 1 billion. The amendment was possible as a result of the improved creditworthiness of the company and in spite of the market trends.
Kees Gielen, Chief Financial Officer of FrieslandCampina: “In spite of the current tough situation in the financial world, we have once again succeeded in improving our loan conditions. We are able to do this because of our healthy financial position and good performance. Amending the conditions of the Revolving Credit Facility will generate an annual saving of several million euros.”