Commentary & Deal Flow

Nomad Foods BondCo Plc (NOMD, IGBOND) EUR750m 144A/Reg S sr sec notes due 2028 (7y). NC3 (MWC B+50bp) (50%,25%,par). Equity claw: 3y 40%. B1/BB-/BB+ (stable/stable/stable). Via Citi (B&D)/DB jt physical books/MS jt glocos/BNP/CA/GS/Rabo jt books. No reg rights. List Lux. NY Law. IPT: high 2s.

Px talk: 2.50%-2.75%.

Did investor call at 10am UKT 06/14, small group meetings 06/14-16. Books close at 1:30pm UKT today. Pricing today UK afternoon. UOP: along with a new EUR553.2m 7y term loan B via MS+ (also a new upsized EUR175m revolver), and EUR290m cash on hand, to refinance its existing EUR553m sr sec term loan B, redeem its EUR400m 3.25% sr sec notes due 05/15/24 (callable at 100.813), and fund the acquisition of Fortenovo Group's Frozen Food Business Group for EUR615m. Biz: Europe's leading frozen foods company (Birds Eye, Findus, iglo, Aunt Bessies and Goodfella's). HQ: Feltham, UK. (Acquisition announced 03/29/21).