3 weeks ago
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Consolidated Bakeries Jamaica Limited, which trades as Purity, says it has secured a $600 million, 10-year credit facility from Sagicor Bank Jamaica Limited to be utilised for the refinancing of existing debt, the funding of capital expenditures, and as working capital.
The multi-purpose loan facility will facilitate investment in plant upgrades and production efficiencies, strengthen the company’s balance sheet and enhance its capacity to execute key business initiatives, amid its continuing push to modernise operations, the company said.
“This facility positions Purity to accelerate our growth strategy while optimising our cost of capital. It reflects our ongoing commitment to financial prudence and operational efficiency. We are particularly grateful to Sagicor Bank Jamaica Limited for their confidence in our long-term strategic vision and our ability to deliver value to our shareholders and customers,” said Consolidated Bakeries CEO Anthony Chang said in the joint statement with Sagicor Bank.
Purity Bakery, producer of the Purity and Miss Birdie brands, specialises in breads, buns, biscuits and pastries. The company turns over more than $1 billion in sales revenue annually, utilising assets currently valued at $1 billion.
Purity Bakery, producer of the Purity and Miss Birdie brands, specialises in breads, buns, biscuits and pastries. The company turns over more than $1.5 billion in sales revenue annually, utilising assets currently valued at over $2 billion.
Its borrowings up to the March first quarter was in the region of $213 million.
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