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Commentary & Deal Flow

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Iceland Bondco PLC

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Iceland Bondco PLC

by Oleksandr Vynychuk

Jul 29, 2026 3:41 AM ET

PX TALK: Iceland Bondco €600m 7NC3 Snr Sec FXD & 7NC1 Snr Sec FRN; 6.75%a & E+375/400

HYC European Market: Deal Flow - General

Issuer	Term	Call	Size	Ranking	Type	IPT	Price talk
Iceland Bondco	7yr	3y	€300m	Snr Sec	Fixed	7.000%/low 7s	6.75%a
Iceland Bondco	7yr	1y	€300m	Snr Sec	Floating	E+400/425	E+375/400

Price Talk: 7yr FXD: 6.75% area (+/- 0.125%) 7yr FRN: E+375-400 / Par

IPTs: 7yr FXD: 7.000%/low 7s 7yr FRN: E+400/425

Issuer: Iceland Bondco plc
Ticker: ICELTD
Business: Iceland is a food business with a differentiated proposition anchored in UK retail and underpinned by frozen food expertise. HQ: Deeside, Wales, UK.
Total Offering Size: €600m
Use of Proceeds: Redeem in full existing £255m 10.875% SSNs due 15-Dec-27 (callable 15-Aug-26 at 102.719 and €250m FRNs due 15-Dec-27 (callable at 100), (ii) pay redemption costs, (iii) fund GBP24m cash on balance sheet
Security Type:
- Tranche 1: Senior Secured Fixed Rate Notes
- Tranche 2: Senior Secured Floating Rate Notes
Currency: € (both tranches)
Tranche Size:
- Tranche 1: €300m
- Tranche 2: €300m
Tenor: 7 years (both tranches)
Call:
- Tranche 1: NC3 (MWC B+50bp) (50%,25%,par). Equity claw: 3y 40%. Special call: 10% per year the first 3 years at 103
- Tranche 2: NC1 (MWC B+50bp), then at par
Price Talk:
- Tranche 1: 6.75% area (+/- 0.125%)
- Tranche 2: E+375-400 / Par
Governing Law: New York
Distribution: Reg S / 144A for life
Listing: The International Stock Exchange
Denoms: €100k X €1k
Change of Control: Investor put at 101
Joint Global Coordinators and Physical Bookrunners: HSBC (B&D), NatWest
Joint Bookrunner: Rabobank
Ownership: Malcolm Walker and family (51.3%) and Tarsem Dhaliwal and family (48.7%)
Global Investor Call: Monday 27-Jul-26, 11:00 UK / 12:00 CET
Registration: https://evercall.co/oacc/52676
DealRoadshow link: https://dealroadshow.finsight.com/e/ICELAND2026
Timing: Books close 11:00 UK today 29-Jul-26, pricing thereafter
Target Market / PRIIPS: Manufacturer target market (EU MIFID II / UK MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No PRIIPs / FCA Product Disclosure Sourcebook key information document (KID) / disclosure document, as applicable, has been prepared as not available to retail in EEA or in the UK