FELTHAM, England, Nov. 10,
2022 /PRNewswire/ -- Nomad Foods Limited ("Nomad
Foods" or the "Company") announces that it has closed on the
issuance of both a USD 700 million
term loan bearing interest at a rate per annum equal to the SOFR
rate plus 3.75% and a EUR 130 million
term loan bearing interest at a rate per annum equal to EURIBOR
plus 3.5%, both due 2029 (collectively the "Term Loans").
The net proceeds of the Term Loans were used to repay the
Company's existing USD 960 million
principal term loan due in 2024, and for transaction expenses and
general corporate purposes. Concurrent to these transactions, the
Company closed out its existing cross currency interest rate swaps
associated with repaid loans and added new 5-year cross currency
and interest rate swaps for the new Term Loans.
Samy Zekhout, Chief Financial Officer of Nomad Foods, stated,
"We are pleased to have now closed our refinancing on market
leading terms within our rating category, reflecting the
defensiveness of our business model and strength of our cash flows.
These transactions have materially extended our average debt
maturities, while the associated hedging delivers certainty on our
interest charge over the next five years. With financing
secured until 2028/2029 and planned continued strong free cash
flows in the years to come, we are well positioned to leverage our
capital allocation to maximize shareholder value."
The Term Loans will be guaranteed and secured on a senior basis
by the Company and certain of its subsidiaries.
About Nomad Foods
Nomad Foods (NYSE: NOMD) is
Europe's leading frozen food
company. The Company's portfolio of iconic brands, which includes
Birds Eye, Findus, iglo, Ledo and
Frikom, have been a part of consumers' meals for
generations, standing for great tasting food that is convenient,
high quality and nutritious. Nomad Foods is headquartered in the
United Kingdom. Additional
information may be found at www.nomadfoods.com.
Enquiries
Investor Relations Contact
Anthony Bucalo
Nomad Foods Limited
+1-914-907-8724
Forward-Looking
Statements
This press release contains "forward-looking statements" that
are based on estimates and assumptions and are subject to risks and
uncertainties. Forward-looking statements are all statements other
than statements of historical fact or statements in the present
tense, and can be identified by words such as "targets", "aims",
"aspires", "assumes" "believes", "estimates", "anticipates",
"expects", "intends", "hopes", "may", "would", "should", "could",
"will", "plans", "predict" and "potential", as well as the
negatives of these terms and other words of similar meaning. Such
forward-looking statements are based on numerous assumptions
regarding the Company's present and future business strategies and
the environment in which it will operate, which may prove not to be
accurate. The forward-looking statements in this press release
include, but are not limited to, expectations regarding the
Company's anticipated borrowing needs and associated costs, the
Company's anticipated cash flows and the Company's ability to
leverage its capital allocation to maximize shareholder value. The
Company cautions that these forward-looking statements are not
guarantees and that actual results could differ materially from
those expressed or implied in these forward-looking statements.
Undue reliance should, therefore, not be placed on such
forward-looking statements. Any forward-looking statements
contained in this announcement apply only as at the date of this
announcement and are not intended to give any assurance as to
future results.
This press release constitutes a public disclosure of inside
information by Nomad Foods Limited under Regulation (EU) 596/2014
(16 April 2014) and Implementing
Regulation (EU) No 2016/1055 (10 June
2016). The person responsible for making this release on
behalf of Nomad Foods Limited is Samy Zekhout, Chief Financial
Officer.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy any security and shall not
constitute an offer, solicitation or sale in the United States or in any jurisdiction in
which, or to any persons to whom, such offering, solicitation or
sale would be unlawful.
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SOURCE Nomad Foods Limited