Picard looks for term loan refi with high yield FRN

Picard, the French frozen food retailer, wants to refinance its term loans with €480m of floating rate notes. The business, owned by Lion Capital, is well known in the leveraged finance markets.

  • By Stefanie Linhardt
  • 24 Jul 2013

The €1.5bn takeover by Lion Capital in 2010 was already the secondary buyout of Picard — after BC Partners' first investment in the business in 2004.

In 2010, Picard issued €300m of unsecured 2018 bonds with a 9% coupon and a privately placed €38m payment-in-kind bond, alongside bank loans. ...

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