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McBride PLC on Friday said it had refinanced its banking facilities to support its growth strategy. The Manchester, England-based private label products maker for the domestic household and professional cleaning and hygiene markets said its new facility comprises a €200 million revolving credit facility, with a four-year maturity and an option to extend by up to two years. It also includes a €75 million uncommitted accordion feature for potential future acquisitions or other needs, with a four-year maturity. McBride said the refinancing will provide ‘flexibility and security’ and help the company’s growth strategy. It said the refinancing was provided by ‘a syndicate of international banks’. The company said it had improved terms and conditions compared to terms from its September 2022 financing reset. The new facility also continues to be structured as sustainability-linked financing with ‘updated and enhanced’ sustainability performance targets. Chief Financial Officer Mark Strickland 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 unsecured 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...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.’ Shares in McBride were up 4.8% to 110.05 pence in London on Friday morning. Copyright 2024 Alliance News Ltd. All Rights Reserved.
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