ARYZTA signs Brazil disposal agreement and new €500m revolving credit facility
ARYZTA AG (ARYZTA) announces it has successfully signed binding documentation concerning the disposal of its Brazil businesses to Grupo Bimbo SAB de CV. The transaction is expected to complete by the end of Q2 of ARYZTA’s financial year 2022, and is subject to closing conditions customary for this type of transaction.
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ARYZTA also announces that it has entered into an underwritten agreement with three banks for a new €500m revolving credit facility. The facility which is expected to be utilised by early October 2021 is underwritten by Credit Suisse, Rabobank and UBS and will replace the current €800m revolving credit facility that matures in September 2022.Welcoming the signing of the transaction and the completion of the refinancing, Chairman and interim CEO of ARYZTA, Urs Jordi said: “The successful sale of the Brazil businesses is a further positive step in the delivery of our strategy to rebuild ARYZTA’s leadership in bakery in Europe and Asia.
ARYZTA’s disposal program since September has exceeded expectations in all regards and accelerates the Group’s journey to financial stability. Our focus will now centre on delivery of sustainable organic growth and achieving industry profitability and efficiency levels through our multi-local business strategy.”
ARYZTA was advised on the Brazil transaction by Houlihan Lokey and Alantra, PinheiroNeto and KPMG.
ARYZTA will issue its 2021 Annual Report and full year results on 4 October and will hold its AGM on 17 November.
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