Royal FrieslandCampina N.V. successfully raised a new 1.5 billion euro revolving credit facility (“RCF”). The RCF has a five-year tenor (plus two 364-day extension options) and will replace the existing 1 billion euro revolving credit facility, which was due to mature in August 2015. The transaction was oversubscribed and out of the twenty banks participating, six banks joined FrieslandCampina’s core syndicated facility for the first time.
This credit facility will provide the company increased flexibility in managing its cash levels and will be used for corporate purposes. The company will have a significantly higher facility amount at its disposal, at more favourable terms and conditions.
Trust in FrieslandCampina
Kees Gielen, CFO Royal FrieslandCampina commented: “We are pleased with the strong commitment shown towards FrieslandCampina by these twenty reputable international banks; it emphasizes the trust the banking community has in our company. We have taken this refinancing as an opportunity to align our bank group with our expanding geographic presence and are therefore happy to welcome a number of new banks in our facility. This new facility and bank group will provide a solid base for the further implementation of our route2020 strategy.”
Besides BNP Paribas and ING Bank N.V., which acted as coordinators on this transaction, the other eighteen international relationship banks in the RCF are ABN Amro, BTMU, Citibank, HSBC, KBC Bank NV, Lloyds, Rabobank (Facility Agent), RBS, UniCredit, ANZ, Barclays, BayernLB, ICBC, Intesa Sanpaolo, JPMorgan, Mizuho, SMBC and United Overseas Bank.