Gokongwei food firm taps 4 banks for Snackbrands acquisition loan
Universal Robina Corp. plans to secure a A$500 million loan from a syndicate of banks to partly fund the purchase of Australia’s snack maker Consolidated Snacks Pty Ltd.
The food manufacturing arm of Bilyonaryo John Gokongwei’s JG Summit Holdings Inc. has mandated
ANZ, Citi, SMBC and StanChart for a five year loan.
Consolidated Snacks, through Snackbrands, is the second largest player in salty snacks with a total market share of close tob 30 percent. It has a wide portfolio of chips including iconic brands like Kettles, Thins, CC’s and Cheezels.
The A$600 million purchase is expected to close on Sept. 30.
URC has been on an acquisition binge in the past three years due to intensifying competition in the Asia Pacific region as a result of the lifting of trade barriers.