NETHERLANDS: Grolsch secures loan facility
Royal Grolsch has agreed a EUR140m (US$198.6m) syndicated loan, the proceeds of which will be used for general corporate purposes including the refinancing of existing indebtedness.
The Dutch brewer, which is listed on the Euronext exchange, said today (17 October) that EUR70m of the transaction will function as "a liquidity backstop facility" for the company's inaugural commercial paper-programme.
The seven-year revolving credit facility is the company's first syndicated loan agreement.
"With this fully committed, unsecured credit facility, Grolsch has successfully diversified its funding strategy to include the money market as well as the bank and equity markets," the company said. "With this long-term syndicated loan in place, Grolsch benefits from an attractive cost of funding for a considerable period, in a time of rising interest costs and volatility in the financial markets."
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