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Findus sets price talk for restructured £410 million equivalent notes
By Paul A. Harris
Portland, Ore., July 11 - Sweden-based frozen food producer Findus set price talk for its restructured £410 million equivalent two-part offering of five-year senior secured notes (expected ratings B3/B-/B+), a market source said on Thursday.
A euro-denominated tranche targeted at €270 million to €300 million is talked to price with a yield in the 9¼% area.
A sterling-denominated tranche targeted at £150 million to £170 million is talked to yield in the 9½% area.
A proposed Swedish kroner-denominated tranche has been withdrawn.
The deal is expected to price on Friday.
Joint bookrunner JPMorgan will bill and deliver. Goldman Sachs, Nordea and SG CIB are also joint bookrunners.
The notes come with two years of call protection.
Proceeds will be used to repay bank debt.
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