Industry & Business

Ornua Signs New €610 Million Bank Facility to Support Continued Dairy Industry Growth

 Breaking News
  • Aramark’s Frank Gleeson Named European Industry Leader of the Year Frank Gleeson, president of Aramark Northern Europe, has been named the 2018 NACS European Industry Leader of the Year. The award, sponsored by Mondelēz International, was presented during the recent NACS Convenience Summit Europe in London. “I cannot think of a better leader to be recognised for this prestigious award. He has been one of the industry’s strongest advocates for [...]...
  • McAleer & Rushe Recognised at the Irish Construction Industry Awards Gala Northern Ireland-based developer and contractor McAleer & Rushe has been awarded the prize for ‘International Project of the Year’ at the Irish Construction Industry Awards for Global Student Accommodation’s 1000-bed Catherine House scheme in Portsmouth. The awards, now in their fifth year, recognise companies which demonstrate excellence and innovation in Ireland’s construction industry. McAleer & [...]...
  • Bord Bia’s 2018 Brexit Barometer Results The Minister for Agriculture, Food and the Marine Michael Creed TD has launched the Bord Bia 2018 Brexit Barometer, a comprehensive survey of 117 Irish food, drink and horticulture companies, representing 48% of the sector’s exporters to the United Kingdom. Over 100 senior industry representatives attended the launch in Bord Bia to hear the report findings. The purpose [...]...
  • College Group to Construct New €10 Million Biofuel Facility in County Meath College Group is to invest €10 million in building a new renewable energy facility producing biofuel from used cooking oil and animal fats in north County Meath. The investment is supported by the Irish government through Enterprise Ireland. The new 25 million litre purpose-built plant will be set on a 47.5 acre site and will [...]...
  • Irish Global Packaging Solutions Company Announces €27 Million Investment Zeus, the Irish-owned global packaging solutions company, has announced a €27 million investment in new premises in Dublin and the UK. The investment will also lead to the creation of 80 jobs. An investment of €15 million will see Zeus’ Dublin presence double in size to 250,000 sq ft, with the creation of 50 new jobs. Zeus [...]...

Ornua Signs New €610 Million Bank Facility to Support Continued Dairy Industry Growth

Ornua Signs New €610 Million Bank Facility to Support Continued Dairy Industry Growth
December 21
08:59 2017

Ornua, the largest exporter of primary Irish dairy products with annualised sales of about €2 billion across 110 countries, has secured new five-year syndicated bank facilities of €610 million, replacing its existing €420 million syndicated bank facilities from February 2014. The new facilities will extend to November 2022, and Ornua’s early refinancing of the existing facilities took advantage of positive bank market conditions.

The refinanced facilities comprise of two distinct parts:

* €260 million committed syndicated Revolving Credit Facility (“RCF”) (including €60 million of ancillary facilities) to fund Ornua’s own working capital requirements and its international growth strategy.

* €350 million committed syndicated Reverse Invoice Discounting Facility (“RID”) to fund the working capital requirements of Ornua’s members suppliers, Ireland’s dairy processors.

In addition, a further €100 million is available, if required over the five-year period, under the facilities (€50 million under the RCF and €50 million under the RID), by way of an uncommitted tranche of funding, which would bring the total RCF to €310 million and the total RID to €400 million.

The participant Banks remain the same as under the previous facilities: Allied Irish Banks; Bank of America Merrill Lynch; Barclays; HSBC; Rabobank; Ulster Bank.

Donal Buggy, group finance director at Ornua, comments: “The successful refinancing ensures that Ornua retains access to the banking liquidity it needs to continue implementing our strategic five-year growth plan ‘Ornua 2021’ following the removal of milk quotas in 2015, and delivering strong product price returns for Irish dairy farmers. Not only does it strengthen our capital structure, but it also provides continued working capital support to our member suppliers and ultimately the dairy community across Ireland. It is particularly pleasing that we have retained the same group of Irish and international banking partners, and we note that the deal was significantly over-subscribed demonstrating their continued support for Ornua and the Irish dairy industry.”

Ornua has continued to deliver strong growth in international markets in 2017 across its Ornua Foods and Ornua Ingredients divisions.  Highlights include the launch of Kerrygold butter into the South Korean market, the opening of an Innovation Centre in Chicago, Illinois, the launch of Kerrygold cheese in Singapore, the acquisition of F.J. Need Limited, a UK-based cheese ingredients company and the announcement of a supply partnership with EasiYo, a fresh yogurt brand from New Zealand.

About Author

admin

admin

Related Articles

New Subscriber





Subscribe Here



Advertisements



















National Manufacturing Conference & Exhibition 2018

NIBRT Springboard Success Stories



Upcoming Events

  • No upcoming events
AEC v1.0.4