Nomad Foods Announces Closing of Term Loans

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FELTHAM, England, November 10, 2022 /PRNewswire/ — Nomad Foods Limited (“Nomad Foods” or the “Company”) announces that it has closed the issuance of a $700 million term loan bearing interest at an annual rate equal to the SOFR rate plus 3.75% and a 130 million euros term loan bearing interest at an annual rate equal to EURIBOR plus 3.5%, both maturing in 2029 (collectively the “Term Loans”).

The net proceeds from the term loans were used to repay the Company’s existing borrowings $960 million principal term loan maturing in 2024, and for transaction costs and general corporate purposes. Along with these transactions, the Company closed its existing interest rate and currency swaps associated with the repaid loans and added new 5-year currency and interest rate swaps for the new term loans.

Samy Zekhout, Chief Financial Officer of Nomad Foods, said: “We are delighted to have now closed our refinancing at industry-leading terms in our rating category, reflecting the defensive nature of our business model and the strength of our flows. cash. These transactions have significantly extended our average debt maturities, while the associated hedging provides certainty on our interest charges over the next five years. With funding secured through 2028/2029 and strong free cash flow and expected in the years to come, we are well positioned to leverage our capital allocation to maximize shareholder value.”

The Term Loans will be secured and first secured by the Company and certain of its subsidiaries.

About nomadic foods
Nomad Foods (NYSE: NOMD) is Europe leader in frozen foods. The Company’s portfolio of iconic brands, which includes bird eyes, find us, igloo, The do and fricom, have been part of consumers’ meals for generations, synonymous with tasty, convenient, high-quality and nutritious food. Nomad Foods is headquartered in the UK. Additional information can be found at www.nomadfoods.com.

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Investor Relations
Antoine Bucalo
Nomad Foods Limited
+1-914-907-8724

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 to the present, and can be identified by words such as “targets”, “aims”, “aims”, “assumes”, “believes”, ” estimates”, “anticipates”, “expects”, “intends”, “hopes”, “may”, “would”, “should”, “could”, “will”, “plans”, “predicted” and “potential”, as well as the negatives of these terms and other words of similar meaning. These 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 to be inaccurate. Forward-looking statements in this press release include, but are not limited to, expectations regarding the Company’s anticipated borrowing needs and associated costs, the Company’s expected cash flows and the Company’s ability to leverage its capital allocation to maximize shareholder value. The Company cautions that these forward-looking statements are not guarantees and that actual results could differ materially from those expressed or implied by these forward-looking statements. Undue reliance should therefore not be placed on these forward-looking statements. All forward-looking statements contained in this announcement speak only as of the date of this announcement and are not intended to provide assurance as to future results.

This press release constitutes public disclosure of inside information by Nomad Foods Limited under Regulation (EU) 596/2014 (April 16, 2014) and Implementing Regulation (EU) 2016/1055 (June 10, 2016). The person responsible for drafting this press 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 securities and does not constitute an offer, solicitation or sale in United States or in any jurisdiction in which, or to any person to whom, such offer, solicitation or sale would be unlawful.

SOURCE Nomad Foods Limited

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