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Nomad Foods to refinance its existing senior secured term loan facility

Nomad Foods to refinance its existing senior secured term loan facility

Nomad Foods Limited has announced that it intends to refinance its existing €553 million senior secured term loan facility through a new 7-year term facility under its existing senior facility agreement. Additionally, it intends to upsize its existing revolving cash flow facility to a new €175 million, 5-year revolving cash flow facility. There can be no assurance that the refinancing will occur, or, if it does, as to the terms of the refinancing.

In addition, Nomad is contemplating the potential incurrence of additional senior secured financing of up to €750 million in aggregate principal amount, subject to market conditions. Proceeds from such potential financing sources, including the new senior secured term loan and approximately €290 million of cash on balance sheet are expected to be used by Nomad to (i) repay its entire €400 million aggregate principal amount of its senior secured notes due 2024 (including the optional redemption premium thereon), (ii) repay its existing EUR Term Loan B, (iii) fund the acquisition of Fortenova Group’s Frozen Food Business Group and (iv) pay transaction fees and expenses. After giving effect to the transactions and uses described herein, Nomad expects its leverage ratio to be approximately 3.7x.

Nomad Foods is Europe’s leading frozen foods company. The company’s portfolio of iconic brands, which includes Birds Eye, Findus, iglo, Aunt Bessie’s and Goodfella’s, have been a part of consumers’ meals for generations, standing for great tasting food that is convenient, high quality and nutritious. Nomad Foods is headquartered in the United Kingdom. Additional information may be found at www.nomadfoods.com