Groupe Lactalis has secured a €7.5 billion loan, Bloomberg reports. The deal includes a one-year loan of €1.65 billion, a two-year loan of €1 billion, a €750 million facility for three years, a five-year €3 billion loan and a five-year €1.1 billion revolving credit.
Twelve banks, including Commerzbank, BNP Paribas and Bank of Tokyo-Mitsubishi UFJ syndicated the loan. The French cheese-making firm will use €2.46 billion of the funding for its acquisition of Italian dairy company Parmalat and refinance existing debt worth €4 billion. HSBC Holdings, Natixis and Societe Generale and Credit Agricole arranged the financing for the purchase of Parmalat.
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