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

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.

14 days 1 month Tributes paid to Archie McFarlane Scottish shipyard secures £3 million aquac… Marine Harvest pulls out of Chilean operation Fishupdate Briefing Scottish mussels take starring role Scottish salmon exports rise by £60 million The fisher queen Friday 22 August 2014 prices at Peterhead Mackerel on menu as UK bids to overcome Ru… The sick fish website The not-so-wellboat Tragic haul for New Zealand trawler Quotas cut for 10 EU countries Up to 20 workers set be employed at airbas… UK’s top 60 chippies named Tributes paid to Archie McFarlane Anger at sledgehammer” injunction on fishe… Scottish Government meets to discuss Russi… Ireland responds to Russian sanctions Norwegian fish farmers react to Russian sa…