Nomad tightens discount on $300 million incremental loan to 99.75

By Sara Rosenberg

New York, June 13 – Nomad Foods Ltd. revised the original issue discount on its $300 million incremental first-lien term loan due May 2024 to 99.75 from 99.5, according to a market source.

Also, the 101 soft call protection on the incremental term loan was changed to six months from expiring on June 20, the source said.

Pricing on the incremental term loan is Libor plus 225 basis points with a 0% Libor floor, in line with existing term loan pricing.

Credit Suisse Securities (USA) LLC, Goldman Sachs Bank USA, Deutsche Bank Securities Inc. and UBS Investment Bank are the lead arrangers on the deal.

Recommitments were scheduled to be due at noon ET on Wednesday, the source added.

Expected term loan ratings are B1/BB-.

Proceeds will be used with cash on hand to fund the acquisition of Aunt Bessie’s Ltd. from William Jackson & Son Ltd. for about €240 million and for general corporate purposes.

Closing on the acquisition is expected in the third quarter, subject to certain closing conditions, including regulatory approvals.

U.K.-based Nomad Foods and U.K-based Aunt Bessie’s are frozen foods companies.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.