The debt restructuring was completed over the weekend, the Telegraph reported.
Findus has also hired a new chairman, Dale Morrison, from New York buyout house TriPointe Capital Partners, who previously served as chief executive of Campbell Soup and McCain Foods.
Under the terms of the deal, £125m will be used to pay down senior debt, £25m in cash will be retained on the company’s balance sheet, and a further £70m facility will be added, the report said.
A large chunk of the company’s mezzanine debt has also been paid off, the report added, reducing Findus’ overall debt from £721m to £366m.
The refinancing ends a protracted battle with Findus’ banks and a rejected takeover approach from rival firm Triton Partners, which failed to convince senior lenders including Société Générale, Nordea and RBS to seize control of Findus and hand it over for around £300m.
Lion bought the business in 2008 for £1.1bn, a deal backed with around £700m of debt.
Findus, which employs more than 6,000 people and produces 345,000 tonnes of food annually, posted a net loss of £151.6m in 2010 due to the high interest payments on its debt, which forced it to cut jobs and close manufacturing sites.
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