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Permira-backed Iglo seals €1.6bn loan, bond refinancing ahead of IPO

20 Jun 2014

peas2_sqPermira-backed frozen food business Iglo Group has reportedly launched a €1.6bn loan and bond refinancing to cut the company’s borrowing ahead of a potential IPO.

The deal consists of up to €1.1bn of leveraged loans and up to €750m of high-yield bonds according to Reuters.

Iglo, which owns the Birds Eye frozen food brand in the UK and Findus brand in Italy, was bought by for €1.89bn in 2006.

The firm added the remainder of Unilever’s European frozen food operations by acquiring Findus Italy four years later.

Permira revived plans to pay itself a dividend in 2012 by refinancing the company, having scrapped a previous dividend scheme in July of that year.

It initially sought a €1.9bn recapitalisation to refinance Iglo’s €1.4bn debt pile and take a dividend of between €500m and €600m, but it was forced to make do with a payout of nearer €250m through a deal run by Credit Suisse, HSBC, Nomura and UBS.

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