International law firm Weil, Gotshal & Manges has advised UK-based frozen food producer Findus Group on the issuance of its £410m equivalent senior secured bonds issued in sterling and euros, which priced on 12 July and closed today, and a new £60m super senior revolving credit facility. Multinational food business Findus Group is headquartered in the UK, with operations across Europe, and the group’s product portfolio includes well-known brands Young’s, Findus and The Seafood Company.
This new financing follows the completion of the financial restructuring and recapitalisation of the Findus Group in September last year, a matter on which Weil also advised. The multi-disciplinary UK and US team was led by banking partner James Hogben and US high yield debt partner David Meredith in London. Corporate advice was provided by partners Mike Francies and Samantha McGonigle. Joanne Etherton, Rupert Jones and Barry Fishley advised on pensions, real estate and IP issues respectively, with US tax advice provided by New York partner Larry Horton.
The transaction is illustrative of increased activity levels for new issuances in the European high yield market in recent weeks. Weil recently welcomed leading US securities partner Gil Strauss to the London office in June 2013 to lead the build out of Weil’s European high yield practice, in order to serve the increasing demand by sponsors and banks in the context of new money deals, refinancings and restructurings.
