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Thu 07 Jul 2008IAWS secures €795m 'revolving loan'
IRISH FOOD group IAWS refinanced its debt last month by securing a €795 million “revolving loan facility” in advance of its purchase of Swiss group Hiestand.
The loan, which was agreed on June 20th, has been secured by Aryzta, a Swiss-domiciled vehicle being used by IAWS to acquire both companies. It will be used to repay IAWS’s €600 million loan facilities and to pay off Hiestand’s 245 million (€152 million) Swiss francs credit line. It will also be used to pay costs and expenses incurred in relation to the merger.
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