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TMCNet:  Lenders give Birds Eye owner Iglo more space on its debts

[December 16, 2013]

Lenders give Birds Eye owner Iglo more space on its debts

(City A.M. (UK) Via Acquire Media NewsEdge) IGLO'S lenders have relaxed the terms of one its loan covenants, giving the frozen-food maker more headroom as its new chief executive Elio Leoni Sceti looks to carry out ambitious growth strategy for the group.

A source close to the company behind the Birds Eye brand said lenders had reset one loan covenant last week to give the group "more flexibility".

The company was not in danger of any breaching any covenants, the source said.

The move comes a year after Iglo's private equity owner Permira carried out a dividend recapitalisation, a controversial practice whereby it extended the maturities of its loans and raised €250m through further debt to help fund a dividend.

Sceti, the former boss of music group EMI, took over as chief executive in May. He unveiled a new strategy last month to double Iglo's sales to €3.2bn by 2020.

(c) 2013 City A.M.

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