July 19, 2013
International law firm Weil, Gotshal & Manges has advised U.K.-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 United Kingdom, 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 U.K. and U.S. team was led by banking partner James Hogben and included partner Mike Francies. Rupert Jones and Barry Fishley advised on pensions, real estate and IP issues respectively, with U.S. 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.