Upfield Completes Offering of Senior Secured Notes
07.04.24
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Simpson Thacher represented Upfield and KKR in connection with a Rule 144A and Regulation S offering of €500 million principal amount of 6.875% Senior Secured Notes due 2029. The bond offering closed on July 2, 2024. The proceeds from the offering were used to redeem a portion of Upfield’s 7.875% Senior Dollar Notes due 2026 and 5.750% Senior Euro Notes due 2026.
Upfield is a global leader in plant-based food, established in 2018. Upfield develops, produces, distributes and markets plant-based dairy alternative products in over 100 countries across four core categories: Butters and Spreads, Creams, Liquids and Cheeses. Upfield’s business is supported by a global distribution footprint, a highly efficient supply chain and a strong research and development team.
The Simpson Thacher team included Gil Strauss, Surya Bala, Julie De Keukeleire and Busra Kakdas (Capital Markets); Meredith Jones and Jenna Al-Malawi (Tax); Jonathan Pall (U.S. Collateral); and Jeanne Annarumma (ERISA).