A €750m (£597m) funding facility has been agreed for international packaging group Mondi.
The LSE-listed business has agreed the extension of its revolving credit facility to 2019, from 2016, with a range of banks – and achieved the deal at a reduced cost. An option to extend the facility for another year can be taken over the next two years.
Mondi CFO Andrew King said he was “delighted” that the banks had continued to show confidence in the group’s direction of travel. “This transaction reinforces the financial strength of the group by extending our debt maturity profile in a cost effective manner,” said King.
The facility was self-arranged with the existing ten relationship banks. The mandated lead arrangers are: Barclays Bank, BNP Paribas, Commerzbank, Deutsche Bank, DNB Bank, Erste Group Bank, HSBC Bank, Raiffeisen Bank International, Royal Bank of Scotland and UniCredit Bank Austria.
Mondi’s share price was up 4.00p in this morning’s trading, to 1,028.00p, vlauing the company at £3.8bn by market cap.
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