Moody’s rates Nomad Foods facilities B1

Moody's Investors Service said it affirmed Nomad Foods Europe Finco Ltd.’s B1 corporate family rating and B1-PD probability of default rating, as well as the B1 rating on the existing €500 million senior secured existing floating-rate notes issued by Iglo Foods BondCo plc.

Concurrently, the agency assigned provisional B1 ratings to the new €1.05 billion-equivalent senior secured credit facilities to be issued by Nomad Foods Europe Midco Ltd. and a new Luxembourg-based entity to be created.

The outlook remains stable.

Net proceeds from the new facilities will be used to repay the existing senior secured credit facilities. Upon completion of the transaction, Moody's said it will withdraw the B1 ratings on the existing senior secured credit facilities.

The ratings on the new senior secured bank credit facilities is at the same level as the corporate family rating because of their expected pari passu ranking with the floating-rate notes, also rated B1, the agency explained.

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