Feltham, England-headquartered Nomad Foods Limited on September 18 announced that it has repriced its existing US dollar-denominated Term Loan B of $700 million principal due 2029. The closing of the repricing of the term loan is expected to occur on September 22, 2023, subject to customary closing conditions.
Following the closing, the margin on the term loan will be reduced by 75 basis points, which is expected to result in approximately €5 million of annual cash interest savings. There are no changes to the maturity of the term loan as a result of this repricing.
“Improving capital market conditions and our strong operational performance helped drive this repricing.” said Chief Financial Office Samy Zekhout. “This move will allow us greater financial flexibility as we execute our strategy, driving long-term growth and creating shareholder value.”
Noam Gottesman, the company’s co-chairman and founder, commented: “We are pleased with the successful execution of this accretive transaction which represents another positive development in our capital markets strategy and opportunity to further value creation.”
Nomad Foods is ranked as Europe’s leading branded frozen food company. Ready meals and side dish products in its portfolio, marketed under household names including Birds Eye, Findus, iglo, Ledo and Frikom have been a part of consumers’ meal occasions for generations.
