Australian food ingredients group Burns Philp & Co Ltd said on Wednesday it would take up a Au$900 million bank facility and conduct a Au$240 million equity raising as part of plans to refinance its debt, IndustrySearch reports. At the end of April Burns Philp had a net debt of Aus$1.085 billion, comprising senior debt of Au$624 million payable in August and two tranches of subordinated debt totalling Au$461 million. The senior debt will be refinanced and the notes partially repaid from funds raise through an underwritten $900 million bank facility. The company maintains that the strategy will allow it to refinance existing debt on more favourable terms and allow it to pursue growth opportunities. "The directors believe that in order to maximise returns to shareholders, refinancing of the debt must be achieved at an acceptable cost with terms and conditions that allows Burns Philp to pursue growth opportunities in its key yeast and bakery ingredients operations," the company said in a statement.