PZ Cussons agrees £135m refinancing

CONSUMER products group PZ Cussons has completed a £135m refinancing agreement with a club of three banks.

The new syndicated debt deal has seen HSBC provide £45m worth of debt to the firm.

Manchester-based PZ Cussons produces a range of soaps, shampoos, detergent and beauty products under brands such as Imperial Leather, Original Source. St Tropez and Sanctuary.

Brandon Leigh, finance director for PZ Cussons, said: “The new facility secures medium-term funding for the group in a period of economic uncertainty.

“Bringing in new global banking partners in these challenging times is an endorsement of our strategy and reflects the strong future prospects of the group.”

Alan Rigby, HSBC’s North West head of corporate banking, said: “PZ Cussons has market leading positions in the countries it operates in and an excellent track record of continuously developing its well-known products and brands.

“This funding provides the business with an ideal platform for further growth.”

The firm was advised on the deal by Addleshaw Goddard. Banking partner Amanda Gray said: “This refinancing package secures medium term funding for PZ Cussons from a group of global banking partners to support the company with its future plans.

“In today’s challenging market conditions, it’s encouraging to see this type of strategic transaction completing to stimulate key business growth.”