IRELAND: Greencore refinances debt
Irish food group Greencore has refinanced its debts with new facilities of EUR360m (US$483.6m), the company announced today (3 April).
The company said the new arrangement has a maturity date of April 2012 and replaces existing facilities of EUR336m, which mature in May 2010.
Greencore said the deal, combined with its existing private placement notes, "represent a strong capital base for the group's operational and development needs".
In February, Greencore said profits remained "in line" with its last fiscal year but warned that the weak pound would continue to weigh on earnings and sales.
The company, which makes a range of sandwiches, cakes and convenience food, said it expects to generate "a more significant proportion" of annual earnings from the second half of its fiscal year than it did last year.
Greencore, which reports around 80% of its operating profit in sterling, said the fall of the pound against the euro would weigh on earnings during its financial year.
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