FLORAFOOD- New Issue Comment
Margarine and spreads producer Flora Food Group (FFG) is marketing €1.05bn equivalent of 8NC3 unsecured notes, expected to be split between €500m and $500m tranches. Proceeds will be used to finance the LBO of Flora, which is being sold by Unilever to KKR for an EV of €6.8bn, or 8.3x the FY17 pro forma reported EBITDA of €820m. The deal is expected to close in 3Q18. The financing package also includes €4.0bn-equivalent cov-lite term loans B, which were syndicated last month, a €700m RCF, and a €2bn cash equity contribution.
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