Banks back dairy ambition with loan facility extension
AIB, Bank of America Merrill Lynch, Barclays, HSBC, Ulster Bank and Rabobank have collectively agreed to refinance the board’s prior €250m up to a three-year syndicated bank loan facility of €350m. IBI Corporate Finance advised on the deal.
The banks also upgraded the loan facility to “committed” status. This will facilitate dairy farmers in their bid to develop the sector’s processing capacity in the build-up to the end of the milk quota restrictions in 2015, and the sector’s related expansion.
