Dairy Crest has completed a debt refinancing deal resulting in the company extending its banking facilities until October 2016.

Through the deal, Dairy Crest has secured a five-year revolving credit facility of £170m plus £131.2 from a syndicate of five banks and £54.5m of debt placement.

The new package equates to £355.7m, up from Dairy Crest’s previous £340m.

“This delivers security of funding in the medium term which is important to us in today’s financial markets,” said chief executive Mark Allen. “We continue to reduce risk in our business.”