Greencore Group PLC GBP350 million sustainability-linked facility (3897U)

TIDMGNC

RNS Number : 3897U

Greencore Group PLC

23 November 2023

Greencore agrees new GBP350 million sustainability-linked facility

New five-year facility provides significant financial flexibility

23 November 2023

Greencore Group plc ('Greencore' or the 'Group'), a leading manufacturer of convenience foods in the UK, announces that it has agreed a new five-year GBP350 million sustainability-linked revolving credit facility ('RCF'). The new RCF replaces Greencore's existing GBP340 million facility and a GBP45 million term loan and extends the Group's average maturity profile to close to 4.5 years. The facility has the option of two additional one-year extensions and includes a GBP100 million accordion feature which provides further potential financing facilities.

The new RCF incorporates performance targets that are aligned with Greencore's long-term sustainability strategy.

Dalton Philips, CEO, commented: "Greencore continues to deliver on its ambition to build a stronger, more efficient business serving our customers and consumers across the UK. This new facility provides us with significant new financial flexibility to deliver on our growth objectives while aligning our financing arrangements with our sustainability targets."

The RCF is provided by Allied Irish Banks plc, Barclays Bank Plc, Coöperatieve Rabobank U.A. (trading as Rabobank Dublin), Danske Bank A/S, Irish Branch, HSBC Continental Europe, The Governor and Company of the Bank of Ireland. Allied Irish Banks plc acted as sustainability co-ordinator and Bank of Ireland acted as agent. Greencore was advised by IBI Corporate Finance.

The Group will announce its full year results on 28 November 2023.

For further information, please contact:

 
 Curtis Armstrong   Director of FP&A          Tel: +44 (0) 1246 384649 
                     and IR 
 David Marshall     Head of Capital Markets   Tel: +353 (0) 1 605 1000 
 Jonathan Neilan    FTI Consulting            Tel: +353 (0) 86 231 
                                               4135 
 Nick Hasell        FTI Consulting            Tel: +44 (0) 203 727 
                                               1340 
                                              FTI_Greencore@fticonsulting.com

About Greencore

We are a leading manufacturer of convenience food in the UK and our purpose is to make every day taste better.

We supply all of the major supermarkets in the UK. We also supply convenience and travel retail outlets, discounters, coffee shops, foodservice and other retailers. We have strong market positions in a range of categories including sandwiches, salads, sushi, chilled snacking, chilled ready meals, chilled soups and sauces, chilled quiche, ambient sauces and pickles, and frozen Yorkshire Puddings.

We have 16 world-class manufacturing sites and 17 distribution centres in the UK, with industry-leading technology and supply chain capabilities. We generated revenues of GBP1.7bn in FY22 and employ 13,600 people. We are headquartered in Dublin, Ireland.

For further information go to www.greencore.com or follow Greencore on social media.

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November 23, 2023 02:00 ET (07:00 GMT)

Greencore (LSE:GNC)
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