White label household goods and personal care products maker McBride plc (LON:MCB) has refinanced on improved terms.
The group has secured replacement banking facilities from a panel of international banks enabling it to repay its US private placement notes. The net result is that the cost of the group's debt financing from the financial year starting on 1 July 2017 will be reduced by around £2.0mln a year.
The existing €140mln multi-currency revolving credit facility has been increased to €175mln facility, maturing in June 2022.
"As we prepare for the ‘Grow’ phase of our strategy, we have secured an improvement in the cost, flexibility and duration of our banking facilities. The completion of this exercise represents another important milestone in the delivery of ‘Repair, Prepare and Grow’ and reflects the strong ongoing support from our chosen banks," said Chris Smith, chief financial officer of McBride.