Co-op Group successfully refinance £950m of senior debt facilities
The Co-operative Group has successfully refinanced £950 million of senior debt facilities with pre-agreed capacity to increase to £1 billion with the support of a syndicate of banks led by the Barclays Midlands-based corporate banking team.
The Co-operative Group has successfully refinanced £950 million of senior debt facilities with pre-agreed capacity to increase to £1 billion with the support of a syndicate of banks led by the Barclays Midlands-based corporate banking team.
The new finance package will enable the Co-operative Group to continue to develop the trading operations of the UK's largest mutual organisation which operates more than 4,800 retail trading outlets, employs more than 106,000 people and has an annual turnover of more than £13bn.
Barclays, HSBC, Royal Bank of Scotland, Lloyds and Handelsbanken each provided £150m, with the Co-operative Bank and Bank of Ireland providing a further £125m and £75m respectively.
Roger Morgan, treasurer for the Co-operative Group, said: "The Co-operative Group is delighted to have successfully refinanced its core banking facilities for the next five years. Given the challenging economic backdrop it was extremely important to work closely with a trusted partner bank to achieve our objectives."
Jim Quantrill, the Midlands-based relationship director leading the deal for Barclays, said: "Barclays has a long-standing and very close relationship with the group, and this over-subscribed financing shows the attraction of the Co-operative brand for funders and a high regard for the business and management team."
