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."
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For further information, please
contact:
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McBride PLC
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Chris Smith, Chief Executive
Officer
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Mark Strickland, Chief Financial
Officer
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Instinctif Partners
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Hannah Scott
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0207 457 2020
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Gus Chipungu
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