Moody's assigns B1 to Nomad loan

Moody's Investors Service said it assigned a B1 rating to the new $825 million backed senior secured term loan due 2029 to be issued by Nomad Foods Lux Sarl.

All the other ratings of the group (Nomad Foods BondCo plc, Nomad Foods Europe MidCo Ltd., Nomad Foods Lux), including the B1 senior secured term ratings and Nomad Foods Ltd.’s B1 corporate family rating and B1-PD probability of default rating are unchanged.

Nomad will use the loan to refinance the outstanding $906 million ($960 million original) backed senior secured term loans due May 2024. “The transaction extends its maturity profile and slightly reduces the company's leverage. As a result of the planned refinancing Nomad's next maturity will be pushed to 2026 for the undrawn €175 million backed senior secured revolving credit facility (RCF) and to 2028 for the term loans and notes,” Moody’s said in a press release.

The outlook is stable.

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