Nomad Foods Announces Pricing of Term Loans

Rhea-AI Summary

Nomad Foods (NYSE: NOMD) priced two term loans due 2032: a USD 620 million facility at SOFR + 2.5% and a EUR 880 million facility at EURIBOR + 2.5%. The company also extended its EUR 175 million Revolving Cash Facility to 2032. Net proceeds will be used to repay existing loans, cover transaction expenses, and for general corporate purposes.

The Term Loans will be guaranteed and senior secured by the company and certain subsidiaries and are expected to close on November 10, 2025, subject to customary closing conditions. Mandated lead arrangers include Citibank, Deutsche Bank and Jefferies.

Positive

• Raised USD 620M and EUR 880M in term loans due 2032
• Extended revolver of EUR 175M maturity to 2032
• Refinancing aimed to repay existing loans and expand flexibility
• Fixed credit spread at +2.5% over benchmark rates

Negative

• Term Loans are senior secured, which may restrict corporate asset flexibility
• New debt carries interest spread of 2.5% above benchmark rates, increasing financing cost

Insights

Credit Structuring Expert

Refinancing lengthens maturities and secures large senior facilities at fixed spreads to market rates.

The company has priced a USD 620,000,000 term loan at SOFR+2.5% and a EUR 880,000,000 term loan at EURIBOR+2.5%, both due 2032, and extended a EUR 175,000,000 revolver to 2032. These loans are senior, secured and guarantee-backed, and proceeds will repay existing debt and cover costs, preserving refinancing continuity.

Key dependencies include successful closing on November 10, 2025 and customary conditions; availability of the stated spreads depends on market execution at closing. Watch covenant terms at signing, amortization schedules and any restricted payments language over the next 30–90 days.

Corporate Liquidity Analyst

The transaction increases committed capacity and extends debt maturity while keeping interest linked to market reference rates.

Net proceeds will repay prior facilities and provide general corporate liquidity, effectively pushing near-term maturities out to 2032. The use of both USD and EUR tranches aligns currency with funding needs and the secured senior structure preserves creditor priority.

Risks to monitor include final pricing execution on November 10, 2025, any material covenants or collateral scope disclosed at closing, and the impact of floating-rate exposure tied to SOFR and EURIBOR over the life of the loans; review the definitive docs when available within the next quarter.

WOKING, England, Oct. 30, 2025 /PRNewswire/ -- Nomad Foods Limited ("Nomad Foods" or the "Company") today announces that it has priced both a USD 620 million term loan bearing interest at a rate per annum equal to the SOFR rate plus 2.5% due 2032 and a EUR 880 million term loan bearing interest at a rate per annum equal to EURIBOR plus 2.5% due 2032 (collectively the "Term Loans"). In conjunction with this, the Company has also extended the duration of its Revolving Cash Facility of EUR 175 million to 2032. The Company intends to use the net proceeds from the Term Loans to repay its existing loans, for transaction expenses and general corporate purposes. The Term Loans will be guaranteed and secured on a senior basis by the Company and certain of its subsidiaries. The Term Loans are expected to close on November 10, 2025, subject to customary closing conditions. Citibank, Deutsche Bank and Jefferies acted as Mandated Lead Arrangers and Physical Bookrunners, with BNP Paribas, Credit Agricole, Goldman Sachs, Morgan Stanley, NatWest and Rabobank as additional Joint Bookrunners. 

Ruben Baldew, Nomad's Chief Financial Officer said, "We are happy to see that the strength of our substantial and consistent cashflow has been appreciated by the credit markets, as reflected in our successful refinancing. We have been able to extend our maturities at attractive rates while expanding our borrowing capacity to enable greater capital allocation flexibility. This is a great outcome for our company, our credit holders and our equity investors and is a clear reflection of the strength of our portfolio, our brands and our people." 

About Nomad Foods

Nomad Foods (NYSE: NOMD) is Europe's leading frozen food company. The Company's portfolio of iconic brands, which includes Birds Eye, Findus, iglo, Ledo and Frikom, have been a part of consumers' meals for generations, standing for great tasting food that is convenient, high quality and nutritious. Nomad Foods is headquartered in the United Kingdom. Additional information may be found at www.nomadfoods.com/investors/. 

Enquiries 
Investor Relations Contact 
Jason English 
investorrelations@nomadfoods.com 

Forward-Looking Statements

This press release contains "forward-looking" statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including, without limitation, statements regarding the expected use of proceeds, and closing of the Term Loans. These statements are based on management's estimates and assumptions with respect to future events, and are believed to be reasonable, though are inherently difficult to predict. The Company cautions that these forward-looking statements are not guarantees and that actual results could differ materially from those expressed or implied in these forward-looking statements. Undue reliance should, therefore, not be placed on such forward-looking statements. Any forward-looking statements contained in this announcement apply only as at the date of this announcement and are not intended to give any assurance as to future results. The Company will update this announcement as required by applicable law, rule or regulation, but otherwise expressly disclaims any obligation or undertaking to update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise. 

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SOURCE Nomad Foods Limited

FAQ

What are the sizes and rates of Nomad Foods' October 30, 2025 term loans (NOMD)?

Nomad priced a USD 620 million term loan at SOFR + 2.5% and a EUR 880 million term loan at EURIBOR + 2.5%, both due 2032.

When will Nomad Foods' Term Loans (NOMD) close and become effective?

The Term Loans are expected to close on November 10, 2025, subject to customary closing conditions.

How will Nomad Foods (NOMD) use the proceeds from the October 2025 Term Loans?

Net proceeds will be used to repay existing loans, pay transaction expenses, and for general corporate purposes.

What change was made to Nomad Foods' Revolving Cash Facility on October 30, 2025 (NOMD)?

Nomad extended the duration of its EUR 175 million Revolving Cash Facility to 2032.

Are Nomad Foods' (NOMD) new Term Loans secured or unsecured?

The Term Loans will be guaranteed and senior secured by the company and certain subsidiaries.

Which banks led Nomad Foods' (NOMD) October 2025 refinancing?

Citibank, Deutsche Bank and Jefferies acted as Mandated Lead Arrangers and Physical Bookrunners, with several additional joint bookrunners including BNP Paribas and Goldman Sachs.