Findus Group Ltd., the London-based frozen-food maker that restructured its debt last year, plans to sell GBP 410 million (USD 610 million) of bonds to repay its credit facilities.
The company, which produces Young’s Seafood brand, is raising senior secured bonds due 2018 denominated in British pounds, euros and Swedish kronor, according to an e-mailed statement. It will also obtain a 60 million-pound credit line.
Investors including previous owner Lion Capital LLP, Highbridge Capital Management LLC and JPMorgan Chase & Co. injected 220 million pounds into the company as part of a debt-for-equity swap that completed in October. Findus then became embroiled in the U.K.’s horse meat scandal after tests found high proportions of the meat in its beef lasagna products.
