Upfield - comment

Upfield have launched a €100m tap to the previously extended facilities this morning.  In July, 79% of the €2.4bn facility was extended to January 2028.  Although Use of Proceeds isn’t yet defined we suspect it will be to take out those Term Loans which weren’t extended and mature in July 2025.  

However, with a total bank debt of €4.5bn, of which €745m wasn’t extended, €100m tap hardly seems worth the effort.  We suspect it will be upsized or this is a reverse enquiry.