NIBC LF refinances Continental Bakeries
On 11 December 2009, Leveraged Finance closed the refinancing of Continental Bakeries. With 11 production sites throughout Europe and revenues of circa 300 million Euro, Continental Bakeries is a leading European producer of private label biscuits. Continental Bakeries is lead by a strong management team that improved operational performance and subsequently implemented a successful buy-and-build strategy.
Together with 4 other Dutch banks, NIBC provided a financing package including term loans and a working capital facility to refinance existing indebtedness, and an acquisition facility to finance further growth of the company. In addition, NIBC acted as coordinator of the facilities that were required to hedge against interest rate risks of the new term loans.
With this transaction, NIBC has strengthened its relationship with Continental Bakeries, and with Dutch private equity firm NPM Capital, the owner of Continental Bakeries.