Nomad Foods Prices €800M Senior Secured Notes at 5.25%, Upsizes RCF to €280M
NOMD sits 32% above its 52-week low of $8.99.
Summary
Nomad Foods has finalized the terms of its previously announced debt refinancing, pricing €800 million of senior secured notes due 2033 at a 5.25% coupon. The proceeds will fully refinance the existing €800 million notes due 2028, pushing the next material maturity to 2032. Additionally, the company is upsizing its revolving credit facility by €105 million to €280 million, providing extra liquidity. This follows the July 20 preliminary Q2 results and refinancing launch, and the pricing locks in the cost of the new debt. The transaction is expected to close on July 30, subject to customary conditions.
At the time of this announcement, NOMD was trading at $11.85 on NYSE in the Trade & Services sector, with a market capitalization of approximately $1.7B. The 52-week trading range was $8.99 to $18.33. This news item was assessed with neutral market sentiment and an importance score of 7 out of 10. Source: PR Newswire.