S&P assigns BB- to Nomad loan

S&P said it assigned its BB- issue and 3 recovery ratings to the planned $825 million senior term loan B due 2029 that will be issued by Nomad Foods Lux Sarl, a fully owned subsidiary of Nomad Foods Ltd.

The 3 recovery rating indicates meaningful recovery prospects (50%-70%; rounded estimate: 65%) in default. “The large amount of senior secured debt in the capital structure constrains the recovery rating,” the agency said in a press release.

The ratings are the same as those on Nomad’s outstanding term loan.

Nomad is expected to use the proceeds to refinance its €819 million equivalent term loan due May 2024 and for other general corporate purposes.

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