REG - McBride PLC - Successful Completion of Refinancing

McBrideAnnouncement

29/11/2024 07:00

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RNS Number : 1012O  McBride PLC  29 November 2024

29 November 2024

McBride plc

Successful completion of refinancing

 

McBride plc (the "Group" or "Company"), the leading European manufacturer and
supplier of private label and contract manufactured products for the domestic
household and professional cleaning and hygiene markets, is pleased to
announce the successful refinancing of its banking facilities.

The new facility comprises a €200 million Revolving Credit Facility (RCF)
package, with a four-year maturity including an option to extend by up to two
years.

The new arrangement includes a €75 million uncommitted accordion feature to
provide additional facilities for potential future acquisitions or other
financing needs, also with a four-year maturity.

Additional information relating to these new facilities are as follows:

-      The Company has secured improved terms and conditions when compared
to the revised terms following the September 2022 financing reset

-       The debt pricing is on a sliding scale, dependent upon the
company's debt cover ratio as tested on a 6 monthly basis.

-       Covenants are normalised and limited to debt cover and interest
cover. They are also at the same levels as the 2021 arrangements

-       The facilities are un-secured, removing the security on
properties and assets required since September 2022

-       The block on shareholder distributions is now removed,
permitting the Company to restore the payment of dividends and consider share
buy-backs

The new facility continues to be structured as a Sustainability-Linked
financing, reflecting the Company's ongoing commitment to its Environmental,
Sustainability and Governance (ESG) agenda. The revised facility includes
updated and enhanced Sustainability Performance Targets (SPTs) that are
closely aligned with McBride's sustainability strategy.

The refinancing was provided by a syndicate of international banks.  The
Company is pleased to welcome the new lenders to its banking group alongside
the existing banking partners who have rolled over into these revised
facilities.

Mark Strickland, Chief Financial Officer said:

"We are delighted to announce the completion of this refinancing, which
provides McBride with a strong financial platform for the coming years. The
increased un-secured facilities and extended maturity provides the business
with flexibility and security as we continue to execute our growth strategy.
The refinancing secures improved terms and conditions on our borrowing
facilities, reflecting the Company's solid financial performance metrics. The
removal of the block on shareholder distributions extends flexibility to the
business in its capital allocation options.  We are also particularly pleased
that the refinancing maintains the Sustainability-Linked structure, with
enhanced and updated SPTs, underlining our commitment to sustainable business
practices. Finally, we wish to thank the lenders who have stayed in the
facility for their ongoing support, and we look forward to working together
with our new partners."

 

 For further information, please contact:

 McBride PLC
 Chris Smith, Chief Executive Officer
 Mark Strickland, Chief Financial Officer

 Instinctif Partners
 Hannah Scott                              0207 457 2020
 Gus Chipungu

 

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