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Pernod Ricard secures €2.5bn debt facility
Pernod Ricard has signed a new €2.5billion, five-year revolving debt facility following its acquisition of Absolut brand owner Vin&Spirit.
The multi-currency facility, which has been made with a group of 25 banks lead by BNP Paribas and J.P.Morgan, will be used for “general corporate purposes and for refinancing all outstanding amounts under the €2.978 billion, US$10.138 billion and €2.020 billion facilities dated 27 March 2008”.
Gilles Bogaert, managing director of finance at Pernod Ricard, said the new facility marked the “final step” in refinancing the debt related to the Vin&Spirit acquisition in 2008.
“Thanks to the commitment of a large pool of international banks and to the recent improvement in the bank debt market, we managed to implement this refinancing at attractive conditions and in a flexible manner through a multi-currency revolving facility. Pernod Ricard’s average debt maturity now exceeds seven years,” he said.