Dutch dairy group FrieslandCampina has had its EUR1bn (US$1.24bn) revolving credit facility extended by a year.

The announcement today (20 May) also includes the placement of a private loan of US$196m and EUR25m with institutional investors in the US and Europe.

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FrieslandCampina has reached an agreement with all fourteen banks taking part in the credit facility to improve its conditions by lowering the interest mark-up and extending the term to August 2013.

The senior notes have a term of seven or ten years and are intended to replace short-term debts with banks by long-term debt. The loan was placed in the US where the firm said it was able to negotiate better financial terms than in the Netherlands.

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