Iceland Foods sets two-day roadshow for £250 million secured notes

By Paul A. Harris

Portland, Ore., Feb. 10 – Iceland Foods Ltd. plans to hold a roadshow on Wednesday and Thursday for a £250 million offering of senior secured notes due May 2028 (B2/B/B+), according to a market source.

Sole global coordinator and bookrunner HSBC will bill and deliver for the Rule 144A and Regulation S offering.

The notes become callable after three years at par plus 50% of the coupon.

The Oswestry, U.K.-based operator of a supermarket chain that specializes in frozen foods plans to use the proceeds to fully redeem its 2024 notes, to put cash on its balance sheet, to repay its term facility and for general corporate purposes.

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