Fitch gives Nomad loan BB+

Fitch Ratings said it gave expected ratings of BB+/RR2 to the planned dollar-denominated term loan to be borrowed by Nomad Foods US LLC and Nomad Foods Lux Sarl. The borrowers are units of Nomad Foods Ltd.

The ratings are the same as Fitch’s on Nomad’s $960 million floating-rate term loan due 2024.

Nomad will use the proceeds to refinance an existing U.S. dollar term loan, leading to a neutral effect on leverage, but extending the debt maturity profile, Fitch said.

The outlook is negative.

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