Bakkavor Group Completes Refinancing
Bakkavor Group, a leading provider of fresh prepared food in the UK, has successfully concluded a planned refinancing of its core group bank facilities, agreeing new term loan and revolving credit facilities totaling £455 million. 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 Bakkavor’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 Rabobank London.
