Commentary & Deal Flow

Price Progression:

Priced: 5.25% at 100. +222bp vs DBR 2.60% 15-Aug-33
Price Talk: 5.25%-5.50%

IPT: Mid 5s

• Issuer: Nomad Foods Bondco Plc (NOMD, IGBOND)
• Size: EUR800m
• Format: 144A/Reg S; No Reg Rights
• Security: Senior Secured Notes due 2032
• Issue Ratings: B1/BB-/BB+ (M/S/F) (stable/negative/stable)
• Maturity: 15-July-2032 (7y)
• Optional Redemption: NC3 (MWC B+50bp), 102.625 15-Jul-29, 101.313 15-Jul-30, 100 15-Jul-31 (50%, 25%, par).
• Equity claw: 3y 40% at 105.25
• Change of Control: CoC at 101
• Coupon: 5.25%
• Price: 100
• Yield: 5.25%
• Spread: +222bp
• Benchmark: DBR 2.60% 15-Aug-2026
• Payment Dates: Jan 15 and July 15, starting 15-Jan-2027
• Denominations: 100kx1k
• Listing: TISE
• Law: New York
• Joint Global Coordinators and Bookrunners: JEF (Left, B&D), Citi, DB
• Joint Bookrunners: BNPP, CACIB, GS, MUFG, NatWest, Rabo
• Settlement: 30-Jul-2026
• ISIN: 144A XS3453584719; Reg S XS345358800
• UOP: Along with EUR12.2m cash on hand, to refinance in full the existing €800m 2.5% Senior Secured Notes due 06/24/28 ( callable at 100)
• Biz: Largest brandedde savory frozen food company in Europe, with a diversified geographic presence and product portfolio. HQ: Woking, UK.
  Marketing:
• Investor Call: 20-July-2026 at 14:00 UKT / 15:00 CET
• Fixed income investor meetings (small group): 20-July – 21-July-2026
• Netroadshow direct link: https://www.netroadshow.com/nrs/home/#!/?show=55fab390. Entry code: nomd26
• GIC Replay Link: https://www.netroadshow.com/events/login/1PeTHmojEoDMFBqjlDekywp9xmhU9fANtRBYG
• Books closed: 3pm UKT 22-Jul
• FTT: 8am UKT 23-July