Global consumer packaging company Rexam (London / UK; www.rexam.com) has refinanced its GBP 775m (EUR 917) revolving credit facility, together with several smaller bilateral facilities that mature in 2010. The refinancing package, which totals GBP 860m of new committed debt facilities, consists of GBP 647m of syndicated forward start commitments and GBP 213m of new bilateral commitments. All these new facilities mature in the second half of 2012.

In an interim management statement issued on 7 May, Rexam had said the negotiations for the refinancing package due to expire in November 2010 was on track and was expected to be completed in the first half of the 2009 financial year. Net debt was GBP 2.7 bn (EUR 3.2 bn) at the end of the first quarter of 2009, better than the company expected at that stage of the year, while cash flow was progressing well.