Australian food and beverage firm Retail Food Group (RFG) has extended the life of its three-year debt facilities worth $150m.
RFG is the owner of Donut King, Brumby’s Bakery, Michel’s Patisserie, bb’s Café, Esquires, Gloria Jean’s Coffees, It’s A Grind, The Coffee Guy, Café2U, Pizza Capers and Crust Gourmet Pizza Bar Brand Systems.
The debt facilities were due to mature in December 2018 as stated by the group’s owners.
Under the renegotiated new agreements, the lenders have agreed to extend a $100m facility to January 2020, and a $50m facility to December 2020.
The existing five-year debt facilities, maturing in December 2020, have also been reduced by $25m by RFG, bringing its total senior debt facilities to $319m.
The company’s lenders National Australia Bank and Westpac Bank provided support in relation to the extension.
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RFG has businesses in foodservice, dairy processing and wholesale bakery pursuits. It operates the Hudson Pacific Foodservice, Associated foodservice, Dairy Country and Bakery Fresh businesses.