Young's Seafood owners plans major financial restructure – media reports – Fishupdate.com

Young’s Seafood owners plans major financial restructure – media reports Published:  22 January, 2014

THE Findus Group, which owns Young’s, Britain’s largest seafood company is planning a major financial restructuring, it media reports  revealed today.

Sky News has said that Findus is planning to launch a bond worth up to £200m in the coming weeks to take advantage of attractive financing markets. It is thought some of the money will used to pay its owners.It is the second frozen food and seafood company consider a refinance operation. Only a few weeks ago the Birds Eye owners Permira asked lenders for more breathing space on its debt which was granted.Sky News said today that people close to the Findus were insisting the that the restructuring was not designed to pay a dividend but conceded that because the shareholders also own some of Findus’ debts, the refinancing would lead to a lucrative windfall. The refinancing, which is likely to be handled by bankers at Goldman Sachs and JP Morgan, will focus on replacing about £200m of expensive mezzanine debt owed by Findus.It is understood to be the first significant payout that Findus’s shareholders have been in line to receive from the company since it became involved in the horsemeat scandal a year ago over its beef lasagne.Findus is  majority-owned by JP Morgan and Highbridge Capital, a hedge fund, while Lion Capital, a private equity firm, which originally bought into the business,  owns a minority shareholding.Findus is particularly strong in Europe and Scandinavia, but its main UK operation focuses on Young’s Seafood which employs around 3,000 people in Grimsby, where it is based, and in Scotland. Findus group sales total well over £1-billion.

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