Feltham, England-headquartered Nomad Foods Limited has announced that it will reprice its $610 million and €500 million term loan facilities. Closing is expected on December 20, subject to execution of definitive agreements.
Following the closing, the margin will be reduced by 50 basis points on the US dollar-denominated term loan and 25 basis points on the euro-denominated term loan, which is expected to result in approximately €4 million of annual cash interest savings.
The producer and marketer of Birds Eye, Findus and Iglo frozen food brands across Europe also announced that its term loan facilities will be increased by $50 million and €58 million, respectively, to be used for general corporate purposes. There are no changes to the maturities as a result of this amendment.
“Favorable capital market conditions and improved operational performance in our business have helped fuel this successful outcome,” said CEO Stefan Descheemaeker. “We continue to advance against our strategy and are pleased to have even greater financial flexibility in driving growth and creating shareholder value.”
