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Findus gets consents to amend 8¼%/9% PIK notes for planned asset sale
By Susanna Moon
Chicago, Oct. 22 – Findus PIK SCA said it collected the needed majority of consents for amendments and waivers to its €200 million 8¼%/9% senior pay-in-kind notes due 2019 related to its divestiture plans.
The consent solicitation ends at noon ET on Oct. 23. The announcement was made on Oct. 19.
As previously announced, the proposed amendments and waivers are being sought for the proposed divestiture of 100% of the issued share capital of Findus Sverige AB and its subsidiaries to Iglo Foods Group Ltd. by Liongem Sweden 1 AB.
The cash payment will be €12.50 per €1,000 principal amount of notes for holders who give their consents by the end of the solicitation.
The amendments and waivers include waivers and amendments of provisions to permit the divestiture, amendments to allow the issuer to hold non-cash consideration received as part of the divestiture and amendments to the issuer’s debt and restricted payment capacity to calibrate to the issuer’s post-divestiture operations.
The company previously said that it would execute a supplemental indenture after receiving the needed consents.
The proposed amendments and waivers are not conditions to the divestiture, as previously noted.
The proposed changes are conditioned, however, on the divestiture being completed by a certain date, payment of the consent payment and execution of the supplemental indenture.
Questions should be directed to the issuer at +44 0 782 795 3155 or Bill.Showalter@findusgroup.com or to the tabulation agent Lucid Issuer Services Ltd. at +44 0 207 704 0880 or findus@lucid-is.com.
The divestiture agreement was signed on Aug. 13 following an announcement on the same day that Nomad Foods Ltd. had entered into an option agreement with Liongem, requiring Nomad to acquire Findus Sverige.
Findus PIK is a special purpose vehicle of London-based frozen food and seafood company Findus Group.
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