FELTHAM, United Kingdom--(BUSINESS WIRE)--Nomad Foods Limited (NYSE: NOMD) announced today that it will reprice its $610 million and €500 million term loan facilities. Closing is expected for December 20, 2017, subject to execution of definitive agreements. Following the closing, the margin will be reduced by 50 basis points on the U.S. dollar-denominated term loan and 25 basis points on the euro-denominated term loan, which is expected to result in approximately €4 million of annual cash interest savings. The Company also announced that its term loan facilities will be increased by $50 million and €58 million, respectively, to be used for general corporate purposes. There are no changes to the maturities as a result of this amendment.
Stefan Descheemaeker, Nomad Foods’ Chief Executive Officer, stated, “Favorable capital market conditions and improved operational performance in our business have helped fuel this successful outcome. We continue to advance against our strategy and are pleased to have even greater financial flexibility in driving growth and creating shareholder value.”
About Nomad Foods Limited
Nomad Foods (NYSE: NOMD) is a leading frozen foods company building a global portfolio of best-in-class food companies and brands within the frozen category and across the broader food sector. Nomad Foods produces, markets and distributes brands in 17 countries and has the leading market share in Western Europe. The Company’s portfolio of leading frozen food brands includes Birds Eye, Iglo and Findus. More information on Nomad Foods Limited is available at http://www.nomadfoods.com.
Forward Looking Statements
This announcement 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 announcement are made based upon the Company’s estimates, expectations and beliefs concerning future events affecting the Company, including the expected signing and closing date of the transaction, the expected margin reduction, the expected annual cash interest savings and the expected amount of the term loan facilities increase, and are subject to a number of known and unknown risks and uncertainties. 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.