This week, Ornua announced that it has secured a new five-year syndicated bank facility of €580m, replacing its existing 2017 facility.

The new facility will extend to December 2026. The refinanced facility comprises of two distinct parts:

  • A €200m committed syndicated Revolving Credit Facility (RCF) to fund Ornua’s working capital requirements and its global growth strategy, via strategic capital investment and acquisition.
  • A €380m committed syndicated Reverse Invoice Discounting Facility (RID) to fund the working capital requirements of Ornua’s member suppliers, which include Glanbia, Dairygold, Aurivo, Carbery, among others.
  • In addition, a further €100m is available, if required over the five-year period, under the facility (€50m under the RCF and €50m under the RID), by way of an uncommitted tranche of funding, which would bring the total RCF to €250m and the total RID to €430m.

    The participant Banks are: Allied Irish Banks plc (acting as RCF Agent), Bank of Ireland, Bank of America - Europe, HSBC Continental Europe (acting as RCF Sustainability Co-Ordinator), Rabobank Dublin (acting as RID Sustainability Co-Ordinator & Agent) and BayernLB.