Cloetta Refinances the Group Through its Existing Banks for Up to Four Years
April 23, 2021 at 11:30 am IST
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Cloetta continued the financing through its existing banking group by entering into a new multicurrency term and revolving facilities agreement. Cloetta furthermore resolved to continue its existing commercial paper program. The terms as agreed in the facilities agreement will come into effect on 30 June 2021 and comprise, in short, of: a SEK 800 million term loan repayable on 30 June 2023, with the possibility of extending the facility for an additional two years; a EUR 125 million term loan repayable on 30 June 2024, with the possibility of extending the facility for an additional two years; and a EUR 60 million revolving credit facility (currently EUR 120 million), available up to 30 June 2025, with the possibility of extending the facility for an additional two years.
Cloetta AB is a Sweden-based company active in the chocolate and sugar confectionery market. The primary ingredient for its products is cocoa. The Company uses cocoa mass that is produced from seeds found in the fruit of cocoa trees grown along the equator. It produce and sells products within three main categories, namely Chocolate, which comprises chocolate wafers, plates, pralines and dragees; Sugar confectionery, which comprises foam, wine gums, liquorice, toffees, hard boiled candy, chewy candy, toffee/fudge/caramel and lollypops, and Refreshment, which comprises pastilles and chewing gum. The Company owns such brands, as Lakerol, Cloetta, Jenkki, Kexchoklad, Malaco, Sportlife, Saila, Red Band and Sperlari. The Company has 12 production units in six countries. In January 2014, it acquired Alrifai Nutisal AB. In May 2014, it acquired 75% of shares of Aran Candy Ltd and the brand The Jelly Bean Factory, Irish company producing and selling gourmet Jelly Beans.