Croda International secures £385m refinancing deal

FTSE 250 company, Croda International Plc, has secured £385 million of Revolving Credit Facilities from a syndicate of banks led by Barclays Corporate, Yorkshire Bank, Banc of America Securities Limited, HSBC, Lloyds TSB and Royal Bank of Scotland.

Croda International is a manufacturer of speciality chemicals, servicing consumer care and industrial markets globally.

Yorkshire Bank was appointed joint mandated lead arranger and, as part of the syndicate, worked closely with Croda to ensure the timely delivery of credit approval, enabling the company to refinance its existing facilities.

Commenting on the deal, Graham Myers, financial controller at Croda, said: "This was a key refinancing for Croda and we are delighted to have had the backing of all the banks involved. We look forward to their continued support as our business moves forward and continues to grow for many years to come."

Dan Rosinke, director with Yorkshire Bank Corporate & Structured Finance who led the deal out of its Leeds office added: "Croda International is an excellent business to be working with. Our understanding of their goals and objectives enabled all the banks to deliver a comprehensive refinancing package for the company's future growth."