I became an honorary Gin Rectifier last night (May 9). I took an oath and now I am duty bound to promote the best interests of gin.
The company has completed a refinancing of its banking facilities and CEO Chris Heath said the money would enable the company to “pursue complementary acquisition opportunities”.
The new facilities will consist of a €220m facility, which includes €170m of long-term loans and a €50m revolving credit facility. The facilities will expire in 2017 and 2018. The revolving credit facility includes funding available for the company to pursue acquisition opportunities.
Stock Spirits Chief Financial Officer Lesley Jackson led the co-ordination of the club, which included nine banks.
A statement from the company said that “the operating leverage of the business remains largely unchanged at a little over two times”.
Chris Heath, CEO of Stock Spirits said: “We were delighted with the interest in the refinancing. Our ability to achieve such a successful refinancing at very competitive rates in the current economic environment, which was over-subscribed, is a reflection of confidence in our high quality business that has strong cash flows and low levels of gearing. Lesley did a fantastic job co-ordinating the banks to achieve this.
“These new facilities will support our long-term organic growth strategy in Central Europe, and will also enable us to pursue complementary acquisition opportunities as and when they arise.”