Dutch dairy company Royal FrieslandCampina has amended its EUR1bn (US$1bn) revolving credit facility.

After talks with its banks, the company has reduced interest and extended the term to August 2015.

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CFO Kees Gielen said: “In spite of the current tough situation in the financial world, we have once again succeeded in improving our loan conditions. We are able to do this because of our healthy financial position and good performance. Amending the conditions of the revolving credit facility will generate an annual saving of several million euros.”

FrieslandCampina also announced that Tex Gunning has been appointed as a member of supervisory board.

Gunning sits on the executive committee of AkzoNobel and is also a member of the supervisory board of TNT Express. He previously held various management roles at Unilever.

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