Hibernia Foods has used new funds to repay older loans, saving it a substantial amount in interest and improving the company's balance sheet.

The company has repaid all of its $35 million (£38.6 million) and £3 million sterling (£5.2 million) senior subordinated secured loan notes due 2003/2005, together with all accrued interest. The pre-payment was funded through a the previously completed $33 million equity investment and a £9 million sterling term-loan facility provided by Fortis Bank, a European banking institution.