FELTHAM, England, Feb. 5, 2024
/PRNewswire/ -- Nomad Foods Limited ("Nomad Foods" or the
"Company") announced today that it has repriced its existing EUR
denominated Term Loan B of EUR 130
million principal due 2029 (the "Term Loan"). The closing of
the repricing of the Term Loan occurred on February 2, 2024, subject to customary closing
conditions. Following the closing, the margin on the Term Loan will
be reduced by 75 basis points to EURIBOR + 2.75%, which is expected
to result in approximately €1 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, "The
successful execution of this accretive transaction to reprice our
€130 million term loan highlights the strength of our operating
performance and improving capital market conditions as we continue
to focus on our costs, while executing our growth strategy."
"We are pleased with the results of our refinancing," said
Noam Gottesman, Nomad Foods'
Co-Chairman and Founder, "We believe that this attractive
repricing, coupled with our highly cash generative business model,
continues to give us the financial flexibility to execute on our
strategic objectives and drive strong shareholder 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
+1-917-922-0211
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 the Term Loan, the
expected reduction of margin and interest rates thereon, the
Company's financial flexibility and ability to execute its
strategic objectives and growth strategy, and the Company's ability
to drive strong shareholder returns. 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