Innovia completes major refinancing

INNOVIA, the international Cumbria-based manufacturer which will be supplying the polymers to the Bank of Englandt for the new £5 and £10 plastic bank notes,  has completed a €360m refinancing deal.

This includes a full refinance of their senior debt and the provision of new and increased working capital and trade lines.

Barclays, Deutsche Bank and HSBC have been appointed joint bookrunners for a €340m bond issue, while the company has also agreed a €20m revolving credit facility with Barclays.

Innovia employs 1,600 people across two divisions –films and security.  It operates six manufacturing sites in Australia, Belgium, Mexico, Wigton in Cumbria and the US, coupled with a network of sales offices, agents and distributors throughout the world.  

Chief executive David Beeby said: “Our philosophy of innovative thinking applies to all areas of our business, including the way in which we finance the company.

“The facility that Barclays has provided is a flexible way of meeting the demands of our growing business.  Innovia has grown significantly over the last few years”.

Tony Doughty, relationship director, at Barclays said: “The Innovia Group is a well-run, growing North West business and is now ideally positioned to continue on its growth track over the coming years.

“We have built a strong relationship with the management team so that we understand the key drivers for the business which, in turn, has enabled us to deliver a funding solution that fully satisfies Innovia’s ongoing requirements.”

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