Deceuninck announced it has negotiated a new € 140m senior multicurrency term and revolving debt facilities agreement, with maturity in July 2017. These consist of a € 100m multicurrency revolving credit facility and a € 40m amortizing 3.5 year term loan. Exact terms of the facilities are not disclosed but are said to have been set at market standards. The new debt agreement allows for a repayment of the senior secured notes that were issued at the time of the capital increase in 2009 and also allow for a resumption of dividend payments. Our view Given the much stronger balance sheet position of Deceuninck nowadays compared to the time of the previous debt arrangement we assume this agreement will bring along significantly lower interest payments and hence is to be considered as good news. We will fine-tune our earnings model to integrate lower financial charges. Accumulate rating and € 1.30 target price are maintained.