Completion of Refinancing

RNS Number : 3688G

Bakkavor Group PLC

17 March 2020

 

17 March 2020

Bakkavor Group plc

Completion of Refinancing

Bakkavor Group plc, the leading provider of fresh prepared food, is pleased to announce that it has successfully concluded a planned refinancing of its core group bank facilities, agreeing new term loan and revolving credit facilities totalling £455m (the "Facilities").

The Facilities are due to mature in March 2024, with an option to extend the tenure by a further two years (subject to lender approval).  They replace the Group's existing £410 million term loan A and revolving credit of facilities, which were due to mature in June 2021.

In line with the Group's Corporate Responsibility ("CR") strategy, the margin on the Facilities is also linked to two of the Group's CR targets: its performance against food waste reduction and greenhouse gas emission targets.

The Facilities have been provided by ten banks (including three new banks) and were co-ordinated by HSBC UK Bank plc and Coöperatieve Rabobank U.A. trading as Rabobank London, both acting as Joint Bookrunners and Joint Mandated Lead Arrangers.

ENQUIRIES

Institutional investors and analysts: 

Peter Gates, Chief Financial Officer 

Sally Barrett-Jolley, Head of Corporate Affairs    [phone]

Media:

Tulchan Communications 

Will Smith, Michelle Clarke    [phone]

About Bakkavor

Bakkavor is the leading provider of fresh prepared food ("FPF") in the UK, with a growing international presence in the United States and China. The Group is the number one by market share in the UK in the four FPF product categories of meals, salads, desserts and pizza & bread, providing high-quality, fresh, healthy and convenient food. Its customers include some of the UK's leading grocery retailers, including Tesco, Marks & Spencer, Sainsbury's and Waitrose. The Group's International segment operates in the US and China. As these FPF markets continue to grow, Bakkavor seeks to leverage its UK expertise in order to build its presence in these territories. Bakkavor was founded in 1986 and has its headquarters in London. The Group has over 20,000 employees and operates 25 factories in the UK, 5 in the US and 9 in China.

LEI number: 213800COL7AD54YU9949

DISCLAIMER - FORWARD-LOOKING STATEMENTS

This press release, prepared by Bakkavor Group plc (the "Company"), may contain forward-looking statements about Bakkavor Group plc and its subsidiaries (the "Group"). Forward-looking statements involve uncertainties because they relate to events, and depend on circumstances, that will, or may, occur in the future. If the assumptions on which the Group bases its forward-looking statements change, actual results may differ from those expressed in such statements. Forward-looking statements speak only as of the date they are made and the Company undertakes no obligation to update these forward-looking statements. Nothing in this statement should be construed as a profit forecast. Some numbers and period on period percentages in this statement have been rounded or adjusted in order to ensure consistency with the financial information.

 

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