WOKING, England, April 29,
2024 /PRNewswire/ -- Nomad Foods Limited ("Nomad
Foods" or the "Company") today announced that it has repriced
its existing USD denominated Term Loan B of USD 693 million principal (the "Term Loan"). The
closing of the repricing of the Term Loan is expected to occur on
or before May 7, 2024, subject to
customary closing conditions. Following the closing, the margin on
the Term Loan will be reduced by 50 basis points to SOFR + 250
basis points, which is expected to result in approximately
USD 3.5 million of annual cash
savings. There are no changes to the maturity of the Term Loan as a
result of this repricing.
Samy Zekhout, Nomad Foods' Chief Financial Officer, stated "The
successful execution of this attractive transaction underscores our
lenders' increasing confidence in our strong operating performance
and attractive outlook as we continue to execute our growth
strategy. The cash interest savings from the repricing will further
enhance our financial flexibility and support our continued growth
initiatives."
"We are pleased with the results of the repricing, building upon
the successful repricing of our EUR denominated Term Loan in
February," said Noam Gottesman,
Nomad Foods' Co-Chairman and Founder. "This latest transaction
underscores our financial strength and our proactive financial
management as we are well-positioned to pursue our strategic
objectives and deliver attractive financial returns."
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
Amit Sharma, Head of Investor
Relations
amit.sharma@nomadfoods.com
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'', ''predicts'' and ''potential'', as
well as the negatives of these terms and other words of similar
meaning. The forward-looking statements in this press release
include, but are not limited to, expectations regarding the
Company's (i) ability to consummate the refinancing of its existing
USD denominated Term Loan B and the expected terms thereof, (ii)
ability to achieve its strategic objectives and deliver attractive
returns, and (iii) annual cash savings. 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 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. The Company will update this announcement as
required by applicable law, including the Prospectus Rules, the
Listing Rules, the Disclosure and Transparency Rules, and any other
applicable law or regulations, but otherwise expressly disclaims
any obligation or undertaking to update or revise any
forward-looking statement, whether as a result of new information,
future developments or otherwise.
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