Icelandic company Marel has secured an extension to its financing by a staggering EUR 700 million. The company has also successfully inked a new EUR 150 million term loan, solidifying its financial position and paving the way for future growth. The extension of the EUR 700 million sustainability-linked revolving credit facility is undoubtedly a significant milestone for Marel. Initially set to mature in 2025, the credit facility will extend for another two years, reaching its final maturity in February 2027.
This extension demonstrates lenders’ confidence in Marel’s financial stability and provides the company with extended financial flexibility to pursue its strategic goals. Alongside the financing extension, Marel has sealed a fresh EUR 150 million term loan. This loan shares the same margins and maturity as the USD 300 million term loan announced in November 2022. The new term loan, maturing in November 2025, comes with two one-year extension options, subject to approval by lenders. Marel has partnered with its long-standing allies, including ABN AMRO, BNP Paribas, Danske Bank, HSBC, ING, and Rabobank, to sign this new term loan. The selection of these reputable institutions reflects Marel’s commitment to maintaining solid relationships with its banking partners and leveraging their expertise to support its business ventures.
Stacey Katz, the Chief Financial Officer of Marel, expressed her gratitude for the continued partnership with the company’s esteemed banking group. She acknowledged the trust placed in Marel’s business model, quality of earnings, and growth ambition. Katz emphasized that the new term loan, combined with the extended maturity profile of the revolving facility, will provide Marel with increased operational and strategic flexibility in the current financial landscape.
The source for text and images is Marel.
