Flora Food Completes Add-On Offering of Senior Secured Notes
10.09.24
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Simpson Thacher represented Flora Food (formerly known as Upfield) and KKR in connection with a Rule 144A and Regulation S offering of €125 million aggregate principal amount of additional 6.875% Senior Secured Notes due 2029. The bond offering closed on October 9, 2024. The proceeds from the offering, together with proceeds from a concurrent term loan B upsize transaction, were used to repay a portion of the outstanding borrowings under Flora Food’s revolving credit facility.
Flora Food 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. Flora Food’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, Ziang Zhou and Busra Kakdas (Capital Markets); Meredith Jones and Jenna Al-Malawi (Tax); Jonathan Pall (U.S. Collateral); and Jeanne Annarumma (ERISA).