Nomad Foods announces intention to refinance its existing senior secured term loan facility
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FELTHAM, England – (BUSINESS WIRE) – Nomade Foods Limited (NYSE: NOMD) today announced its intention to refinance its existing € 553 million senior secured term loan facility through a new 7-year term facility under its existing senior facility agreement. In addition, it intends to increase its existing revolving liquidity facility to a new revolving liquidity facility of € 175 million over 5 years. There can be no assurance that the refinancing will take place or, if so, as to the terms of the refinancing.
In addition, Nomad is considering the potential securing of additional senior secured financing of up to € 750 million in total principal, subject to market conditions. The proceeds of these potential funding sources, including the new senior secured term loan and approximately € 290 million of on-balance sheet cash, are expected to be used by Nomad to (i) repay the full principal amount. of 400 million euros of its senior guaranteed bonds due 2024 (including the optional redemption premium relating thereto), (ii) repay its existing B term loan in euros, (iii) finance the acquisition of the group d Fortenova’s Frozen Food Group activities and (iv) pay transaction fees and expenses. After giving effect to the transactions and uses described here, Nomad expects its leverage ratio to be around 3.7x.
This press release is for informational purposes only and does not constitute an offer to sell or a solicitation of an offer to buy securities, and there will be no sale of securities in any state or jurisdiction in which the offering, soliciting or selling would be illegal. prior to registration or qualification under the securities laws of any such state or jurisdiction.
About Nomad Foods
Nomad Foods (NYSE: NOMD) is the European leader in frozen foods. The company’s iconic brand portfolio, which includes Birds Eye, Findus, iglo, Aunt Bessie and Goodfella, have been part of consumers’ meals for generations, synonymous with tasty, convenient, high-quality and nutritious foods. Nomad Foods is headquartered in the UK. Additional information can be found at www.nomadfoods.com
This announcement contains “forward-looking statements” which are based on estimates and assumptions and are subject to risks and uncertainties. Forward-looking statements are all statements other than statements of historical fact or statements herein, and may be identified by words such as “targets”, “objectives”, “aspires”, “,” ‘believes’ ‘,’ ‘anticipate’ ‘,’ ‘wait’ ‘,’ ‘consider’ ‘, “hope”,’ ‘can’ ‘,’ ‘would be’ ‘,’ ‘should’ ‘, “could”,’ ” will fly ”, “plan”, “predict” and “potential”, as well as the negative aspects of these terms and other words with similar meaning. The forward-looking statements contained in this announcement, including expectations regarding (i) the ability of the Company to complete the refinancing of its existing senior secured term loan facility and the expected terms thereof, (ii) the capacity to consume the envisaged additional senior secured financing and the expected terms and (iii) the pro forma leverage ratio, are established on the basis of the Company’s estimates, expectations and beliefs regarding future events affecting the Company and are subject to a number of known and unknown risks and uncertainties. These forward-looking statements are based on numerous assumptions concerning the Company’s present and future business strategies and the environment in which it will operate, which may prove to be inaccurate. The Company cautions that these forward-looking statements are not guarantees and that actual results could differ materially from those expressed or implied in these forward-looking statements. Therefore, one should not place undue reliance on these forward-looking statements. All forward-looking statements contained in this announcement speak only as of the date of this announcement and are not intended to give assurance as to future results. The Company will update this announcement as required by applicable law, including prospectus rules, listing rules, disclosure and transparency rules, and any other applicable law or regulation, but expressly disclaims any obligation or commitment. update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise.
This press release constitutes a public disclosure of inside information by Nomad Foods Limited under Regulation (EU) 596/2014 (April 16, 2014) and Implementing Regulation (EU) No 2016/1055 (June 10, 2016) . The person responsible for making this release on behalf of Nomad Foods Limited is Samy Zekhout, Chief Financial Officer.
This announcement does not constitute an offer to sell or the solicitation of an offer to buy any securities and does not constitute an offer, solicitation or sale in the United States or in any jurisdiction in which, or to any person to whom , any such offer, solicitation or sale would be illegal.
Taposh Bari, CFA
Nomad Foods Limited
Gladstone Place Partners
Source: Nomad Foods Limited