The five-year facility will be used by Univar for refinancing and general corporate purposes.
The transaction achieved substantial oversubscription, raising commitments in excess of €1 billion from banks across Europe, the US and Canada, thus demonstrating the robust support for Univar from its relationship banks. Despite the oversubscription, the facility was not increased, said the company.
The facility is split into a 364-day €150 million tranche with an extension option and a five-year €550 million tranche.
The transaction replaces the Univar's existing €750 million credit facility that was originally established in June 2002.
The 20-strong banking syndicate was coordinated by ABN AMRO and included various subsidiaries of Banc of America, Citigroup, Fortis, Bank of Scotland, ING, and Mizuho Corporate Bank Nederland acted as mandated lead arrangers in this transaction.
CosmeticsDesign.com recently reported that Univar had been appointed sole UK distributor for the products of MGS MicroPure, a manufacturer and blender of biocides and cosmetic preservatives under the Paratexin brand.