Nomad Foods starts roadshow for €750 million seven-year secured notes; initial talk high 2% area

By Paul A. Harris

Portland, Ore., June 14 – Nomad Foods Ltd. began a roadshow on Monday for a €750 million offering of seven-year senior secured notes (existing ratings B1/BB-/BB+), according a market source.

Initial price talk is in the high 2% area.

The roadshow wraps up on Wednesday.

Physical bookrunner Citigroup will bill and deliver. Deutsche Bank is also a physical bookrunner. BNP Paribas, Credit Agricole, Goldman Sachs, Morgan Securities and Rabo are the joint bookrunners.

The Rule 144A and Regulation S notes come with three years of call protection.

The issuing entity will be Nomad Foods BondCo plc.

The Feltham, U.K.-based frozen food company plans to use the proceeds plus proceeds from its amended and restated senior credit facilities and cash on hand to repay its senior credit facilities, pay off its outstanding notes, and fund the acquisition of Fortenova Group’s Frozen Food Business Group.

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