Global law firm White & Case LLP has acted on the restructuring of the frozen foods provider, Findus Group. The Firm advised the co-ordinating committee of senior lenders formed of Nordea, Société Générale, Royal Bank of Scotland, JP Morgan and GSO Capital Partners.
The £220m refinancing involves £125m of new money being used to pay down senior debt, with an additional £25m in cash retained on Findus's balance sheet, while a further £70m facility has been made available. Findus, which has operations in the United Kingdom, France and Nordics, and which has about 6,000 employees, was acquired by Lion Capital in 2008. The private equity firm will retain an approximate 30 per cent stake in Findus.
"This was a complex restructuring, and we are extremely pleased to have secured a positive result for the company, and our clients," said White & Case partner Christian Pilkington.
The White & Case team was led by London-based partners Christian Pilkington and Jeremy Duffy, and by Magnus Wennerhorn in Stockholm. They were supported by London associates Marcus Booth, Michael Mount, Benjamin Prior and Eadaoin Moran.
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