Imperial Brands has announced a new EUR 3.5 billion (USD 3.8 billion) multi-currency revolving credit facility (RCF).

According to the company, the new facility was coordinated by NatWest, Santander and SMBC and is provided by a syndicate of 20 banks. It provides the business with committed bank financing until March 2023 and replaces the existing RCF.
“The RCF has a maturity structure that brings benefits to both Imperial and our lenders, with an initial 3¬ year term and rolling, automatic, bi-annual extensions. The RCF is currently undrawn and underpins the liquidity position of the business. Our outstanding bonds have a staggered maturity profile out to 2032 with limited maturities falling due in any one year,” the company said.
The maker of Gauloises and West cigarettes said it has not seen any material impact from the outbreak of coronavirus on its business. “Our primary focus is to protect the health, safety and well-being of our employees. Our operations benefit from a diversified supply chain and factory footprint, which is prioritising the manufacture of major product lines to build contingency stocks. Our distribution business, Logista, which serves Italy, France and Spain has increased the levels of finished goods stock in its regional distribution hubs and continues to deliver product to retailers,” the announcement said.