January 22, 2025 10:08 GMT
CONSUMER STAPLES: Flora Food; books close in 1.5hr
CONSUMER STAPLES
(SIGBID Secured; B2/B/B) (KKR)
*Books close 11:30am London.
The butter & spreads co has seen volume declines for last 4 years. Bottom line has been growing on margin improvements. This article that rumours KKR failed to exit through sale early last year may be of interest; {NSN SCGBCWT1UM0W } - it rumours minority stake sale or IPO were being considered as alternatives. This is the 2nd tap of the line (first €125m in Oct).
- €250m tap of the 29s, Price Talk 102.0-102.25 (IPT 102 +/-0.25)
- eqv. 6.23-6.32% vs. clean close of 5.72% (51-60bp NIC)
- workout is to par call in 3.5yrs
- UoP; refi existing debt
https://www.netroadshow.com/events/login?show=0c57b8a3&confId=76698
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