Moy Park secures up to £100 million five-year multicurrency revolver

By Sarah Lizee

Olympia, Wash., June 12 – Moy Park Holdings (Europe) Ltd. obtained an unsecured multicurrency revolving facility agreement on June 2 providing for an up to £100 million loan commitment, according to an 8-K filing with the Securities and Exchange Commission.

Borrowings bear interest at Libor/Euribor plus a margin ranging from 125 basis points to 200 bps based on leverage.

The loan matures on June 2, 2023.

Moy Park borrowed about £50 million under the facility and used proceeds along with cash on hand to repay in full and terminate its £45 million receivables finance agreement with Barclays Bank plc. The remaining proceeds were used to repay other debt.

Bank of Ireland is the administrative agent.

Moy Park is a Craigavon, United Kingdom-based provider of poultry and convenience food products and a subsidiary of Pilgrim’s Pride Corp.

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