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:

  • €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.
  • €380m committed syndicated Reverse Invoice Discounting Facility (RIDF) to fund the working capital requirements of Ornua’s member suppliers such as Glanbia, Dairygold, Aurivo, Carbery etc.

    • 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.

    Ornua has continued to deliver strong growth across global markets in 2021. It’s most recent acquisition was in its US cheese ingredients business with the capture of Wisconsin-based cheese business, Whitehall Specialties.