McBride completes €205m refinancing

MCBRIDE, the Middleton-based group which makes shampoo and household products such as bleach for retailers, has completed a €205m refinancing.

The deal comprises €65m of loan notes issued in the US private placement market maturing in November 2020 and April 2022; and a €140m revolving credit facility with Barclays, HSBC, KBC and BayernLB.

The new finance package will support the company’s existing manufacturing and retailing businesses across Western, Central and Eastern Europe as well as South East Asia. It will also provide the necessary headroom for suitable acquisitions in future

Barclays took a lead role, acting as mandated lead arranger, agent and document co-ordinator in the deal.

McBride is Europe’s largest manufacturer of private label household and personal care products and supplies over 95% of Europe’s top retailers.

It has 17 factories manufacturing in 12 countries, including UK, Central Europe (France & Italy), Western Europe, China, Vietnam and Malaysia. It also has sourcing offices in Hong Kong and a sales office in Australia.

Finance director Richard Armitage said: “The refinancing deal provides McBride with a stable funding platform from which to deliver growth over the medium term. The support of our banks is an endorsement of our strategy.”

Glen McDonald, relationship director at Barclays added: “Our client’s goal is to continue growing as the clear leader in private label household cleaning and personal care products in Europe, and to expand their geographical range where suitable as well as to continually innovate.

“As a longstanding client we value the relationship and will continue to provide the expertise they need to fulfil their company strategy.”

The new arrangements replace the current committed facility of €175m which was due to mature in June 2015.