Wafer-thin margins for giant Froneri financing

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By Owen Sanderson
14 Jan 2020

Froneri, a PAI Partners-backed ice cream company, is syndicating the financing for its acquisition of Nestlé’s US ice cream business, raising €5.7bn-equivalent of first and second lien debt across three currencies.

On offer is first lien debt rated B1/B+, split into €2.3bn, $1.68bn and £415m tranches, as well as B3/B- rated second lien split between €430m and $355m tranches.

Credit Suisse is sole physical bookrunner on the US offerings, while Credit Suisse and Goldman Sachs are physical ...

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