REG - Greencore Group PLC - £350 million sustainability-linked facility

GreencoreAnnouncement

23/11/2023 07:00

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RNS Number : 3897U  Greencore Group PLC  23 November 2023

Greencore agrees new £350 million sustainability-linked facility

 

New five-year facility provides significant financial flexibility

 

23 November 2023

 

Greencore Group plc ('Greencore' or the 'Group'), a leading manufacturer of
convenience foods in the UK, announces that it has agreed a new five-year
£350 million sustainability-linked revolving credit facility ('RCF'). The new
RCF replaces Greencore's existing £340 million facility and a £45 million
term loan and extends the Group's average maturity profile to close to 4.5
years. The facility has the option of two additional one-year extensions and
includes a £100 million accordion feature which provides further potential
financing facilities.

 

The new RCF incorporates performance targets that are aligned with Greencore's
long-term sustainability strategy.

 

Dalton Philips, CEO, commented: "Greencore continues to deliver on its
ambition to build a stronger, more efficient business serving our customers
and consumers across the UK. This new facility provides us with significant
new financial flexibility to deliver on our growth objectives while aligning
our financing arrangements with our sustainability targets."

 

The RCF is provided by Allied Irish Banks plc, Barclays Bank Plc,
Coöperatieve Rabobank U.A. (trading as Rabobank Dublin), Danske Bank A/S,
Irish Branch, HSBC Continental Europe, The Governor and Company of the Bank of
Ireland. Allied Irish Banks plc acted as sustainability co-ordinator and Bank
of Ireland acted as agent. Greencore was advised by IBI Corporate Finance.

 

The Group will announce its full year results on 28 November 2023.

 

For further information, please contact:

 

 Curtis Armstrong  Director of FP&A and IR      Tel: +44 (0) 1246 384649
 David Marshall    Head of Capital Markets      Tel: +353 (0) 1 605 1000
 Jonathan Neilan   FTI Consulting               Tel: +353 (0) 86 231 4135
 Nick Hasell       FTI Consulting               Tel: +44 (0) 203 727 1340
                                                FTI_Greencore@fticonsulting.com

 

 

About Greencore

We are a leading manufacturer of convenience food in the UK and our purpose is
to make every day taste better.

 

We supply all of the major supermarkets in the UK. We also supply convenience
and travel retail outlets, discounters, coffee shops, foodservice and other
retailers. We have strong market positions in a range of categories including
sandwiches, salads, sushi, chilled snacking, chilled ready meals, chilled
soups and sauces, chilled quiche, ambient sauces and pickles, and frozen
Yorkshire Puddings.

 

We have 16 world-class manufacturing sites and 17 distribution centres in the
UK, with industry-leading technology and supply chain capabilities. We
generated revenues of £1.7bn in FY22 and employ 13,600 people. We are
headquartered in Dublin, Ireland.

 

For further information go to www.greencore.com or follow Greencore on social
media.

 

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