Refresco, a global independent beverage solutions provider for retailers and global, national and emerging (GNE) brands in Europe, North America and Australia, has successfully completed a €400 ($433.5) million term loan B.
This transaction adds a new stand-alone €400 ($433.5) million term loan B with an interest rate of EURIBOR plus 3.50%. Proceeds from the TLB will be used to repay its borrowings under its revolving credit facility, repay €100 (108.4) million of its existing term loan B (E+3.75%) and increase cash on balance sheet.
“We are pleased with the strong market demand for our term loan B, and with the enhanced liquidity and financial flexibility this transaction provides,” Bill McFarland, CEO of Refresco, said. “Refresco continues to deliver on our buy and build strategy — including our most recent announcement on our agreement to acquire Frias — while strengthening our balance sheet and improving our credit metrics. We appreciate the recognition and support of the markets.”
No other material changes were made to the terms and conditions of the TLB. The maturity date of the TLB remains July 2029, as per the existing facilities. As part of the transaction, the company has also increased its revolving credit facility by €125 ($135.5) million to €625 ($677.3) million.
