DC Advisory advises Greencore Group plc on its £350m refinancing

Background

• Greencore Group plc (Greencore) is a leading manufacturer of convenience foods in the UK, generating revenues of £1.7bn for FY22
• Headquartered in Dublin, Greencore has 16 manufacturing sites and 17 distribution centres across the UK, utilizing industry leading technology and supply chain capabilities

Process

• DC Advisory was engaged by Greencore to provide debt advice in relation to refinancing its existing facilities
• DC Advisory managed a focused and competitive process to elicit appetite from both existing and potential new lenders
• DC Advisory advised Greencore on all material interactions with lenders and led commercial negotiations with a view to securing an appropriately structured and priced debt package

Outcome

• The transaction was supported by 100% of the existing consortium of lenders and achieved the following:
  • Re-financed the existing facilities with a £350 million sustainability-linked RCF
  • Extended average maturity to c. 4.5 years
  • Ensured continuity for Greencore by providing financial flexibility to deliver on the growth objectives
• This transaction completed in November 2023
• This transaction further showcases DC Advisory’s deep expertise in both the Debt Advisory and Consumer, Leisure & Retail space

“We were delighted with the expertise DC Advisory brought to the refinancing process. In particular, in managing the lender interactions through to the delivery of an excellent loan structure fully aligned with our objectives.”

“We are proud to have supported Greencore on this important transaction. The negotiated debt package further enables Greencore to deliver on its strategic objectives.”