The retail phase of the EURO380 million facility backing Paribas Affaires Industrielles’ (PAI) acquisition of 50 per cent of Yoplait from Sodiaal has been scrapped after sufficient funds were raised in the oversubscribed sub-underwriting phase.

The facility comprises a EURO115 million seven-year term loan at 212.5bp over Euribor, a EURO55 million eight-year term loan at 275bp, a EURO55 million nine-year term loan at 325bp, a EURO65 million revolver at 212.5bp and a EURO20 million seven-year revolver at 250bp over Euribor. Both revolvers carry commitment fees of 70bp.

Sodiaal is retaining a 50 per cent stake in Yoplait and the buyout will result in a strategic joint venture between PAI and Sodiaal, aimed at revitalising the Yoplait brand.