Swiss-Irish food group Aryzta has agreed a new €500 million revolving credit facility with three banks and has announced the disposal of its Brazilian businesses.
No financial details have been disclosed on the sale of the Brazilian subsidiaries to Grupo Bimbo SAB de CV. The transaction is expected to close shortly.
Aryzta said the new credit facility, which is expected to be used by early October, is underwritten by Credit Suisse, Rabobank and UBS. It replaces the group's current €800 million facility, which maters in September 2022.
"The successful sale of the Brazil businesses is a further positive step in the delivery of our strategy to rebuild Arytza's leadership in bakery in Europe and Asia, " said interim chief executive and chairman Urs Jordi.
“Aryzta’s disposal programme 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 multilocal business strategy,” he added.
The food group was advised on the Brazil transaction by Houlihan Lokey and Alantra, PinheiroNeto and KPMG.
Aryzta is due to issue its annual report and full-year results in early October with its annual general meeting scheduled to take place a month later.
