Industry & Business

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

 Breaking News
  • Fáilte Ireland Ramps Up Brexit Preparations With €5 Million Investment Fáilte Ireland – the National Tourism Development Authority – will invest €5 million to support the tourism sector as it prepares for Brexit. The announcement marks a significant ramping up of activities to ensure Irish tourism is both ‘product-ready’ and ‘industry-ready’ ahead of the UK withdrawal from the EU. The investment comes as new figures published by Fáilte Ireland [...]...
  • €750,000 Competitive Start Fund For Start-ups in All Sectors The 2019 Competitive Start Fund (CSF) will open to all sectors for applications on Tuesday 29th January, 2019. The €750,000 fund will provide up to €50,000 in equity funding for up to 15 successful entrepreneurs and start-ups. The fund closes to applications at 3pm on Tuesday, 12th February 2019. The Competitive Start Fund provides entrepreneurs and [...]...
  • Cork Chamber to Mark its 200 Year Anniversary Cork Chamber of Commerce have launched their 200 year anniversary programme, with the announcement that the President of Ireland, Michael D. Higgins, will give the keynote speech at this year’s Annual Dinner. In his first address to a business audience since his second term inauguration, the President will address attendees at the sell-out Annual Dinner in [...]...
  • Visitors to Irish Whiskey Distilleries Up 13% in 2018 The Irish Whiskey Association (IWA) has published statistics which show that there were 923,000 visitors to Irish whiskey distilleries in 2018. This marks a 13.4% increase on 2017, when visitor numbers reached 814,000. The figures are based on returns from 13 Irish whiskey distillery visitor centres and brand homes located across the island of Ireland. Overseas [...]...
  • Ulster Bank Introduces ClearSpend – A Market-first Free Mobile App Ulster Bank has introduced the innovative ClearSpend mobile app to its Irish business customers, becoming the first bank in Ireland to put real time, company budget control in customers’ pockets. The free app was developed in partnership with Silicon Valley start-up SpendLabs. The first of its kind, ClearSpend allows businesses to set budgets at company, business [...]...

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