UK: Cadbury to refinance on debt maturity
UK confectioner Cadbury will refinance when its GBP1bn (US$1.64bn) revolving credit facility matures in March 2010.
The company rubbished reports that it will seek to extend the credit and told just-food that it is not looking for any further financing.
"We have always had a revolving credit facility but we are a very different company now," a spokesperson said. "It is a normal course of business for us and merely about refinancing and not extending."
Earlier this year Cadbury agreed a GBP300m loan to cover the period of the sale of its Schweppes Australia unit.
In March the unit was sold to Asahi Breweries for a total consideration of GBP550m, generating proceeds of around GBP475m.
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