Petra Foods funds cocoa ingredients

Petra Foods, a manufacturer and supplier of cocoa ingredients and confectionery products, says that its European subsidiary, Delfi Cocoa, has raised €120 million from six banks co-ordinated by Fortis.

The facilities will be used to partly refinance the company’s existing working capital loans and to finance the expected increase of working capital needs as group’s European business grows. The group’s cocoa ingredients processing facility in Hamburg commenced production in May 2009 and increased production facility in its third quarter.

Chin Koon Yew, chief financial officer of Petra Foods, says, “We are pleased with the successful completion of this financing agreement especially in a very challenging time for international debt markets.”