FELTHAM, England, Sept. 18,
2023 /PRNewswire/ -- Nomad Foods Limited ("Nomad
Foods" or the "Company") announced today that it has repriced its
existing USD denominated Term Loan B of USD
700 million principal due 2029 (the "Term Loan"). The
closing of the repricing of the Term Loan is expected to occur on
September 22, 2023, subject to
customary closing conditions. Following the closing, the margin on
the Term Loan will be reduced by 75 basis points, which is expected
to result in approximately €5 million of annual cash interest
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,
"Improving capital market conditions and our strong operational
performance helped drive this repricing. This move will allow us
greater financial flexibility as we execute our strategy, driving
long-term growth and creating shareholder value."
Noam Gottesman, Nomad Foods'
Co-Chairman and Founder, commented, "We are pleased with the
successful execution of this accretive transaction which represents
another positive development in our capital markets strategy and
opportunity to further value creation."
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'', ''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 ability to consummate the repricing of its existing USD
denominated Term Loan B, the expected reduction of margin and
interest rates thereon, and the Company's ability to drive growth
and create shareholder value. 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