Refresco, the global independent beverage solutions provider for retailers and global, national, and emerging (GNE) brands in Europe, North America, and Australia, today announces it has successfully completed a EUR 400 million Term Loan B.
This transaction adds a new stand-alone EUR 400 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 EUR 100 million of its existing EUR Term Loan B (E+3.75%), and increase cash on balance sheet.
CFO Refresco, Bill McFarland, commented: “We are pleased with the strong market demand for our Term Loan B, and with the enhanced liquidity and financial flexibility this transaction provides. Refresco continues to deliver on our Buy & 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 EUR 125 million to EUR 625 million.