Iceland Foods to start roadshow Tuesday for £955 million secured notes in three tranches

By Paul A. Harris

Portland, Ore., July 7 – Stretford 79 Foods plc, a wholly owned subsidiary of Iceland Foods, plans to start a roadshow on Tuesday for £955 million of senior secured notes (expected ratings B1/B+) in three tranches, according to a market source.

The Rule 144A and Regulation S for life deal includes a £275 million tranche of five-year floating-rate notes with one year of call protection, a £430 million tranche of seven-year fixed-rate notes with three years of call protection and a £250 million tranche of 10-year fixed-rate notes with five years of call protection.

The roadshow wraps up on Thursday.

Global coordinator Credit Suisse will bill and deliver. JPMorgan is also a global coordinator. HSBC is a joint bookrunner.

Proceeds will be used to refinance debt.

Iceland Foods is a Deeside, Wales-based food retailer specializing in frozen foods.

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