PAI-backed R&R Ice Cream launches £315m senior note offering


R&R ice creamPrivate equity-backed British ice cream maker R&R Ice Cream has launched an offering of £315m senior notes due 2020.

The company, which is owned by European private equity firm PAI Partners, said it will use the proceeds to redeem all of its senior secured notes maturing in 2017 and to cover the costs of the refinancing.

Paris-based PAI bought R&R from Oaktree Capital Management last year a deal that was funded with a €253m five year Payment-In-Kind Toggle note.

R&R’s portfolio of brands includes Nestlé, Skinny Cow, YooMoo frozen yoghurt, Kelly’s of Cornwall and Disney. The company posted revenues of €600m in 2012.

Last month PAI bought audiovisual services company Euro Media Group.

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