Global law firm Greenberg Traurig’s London office has advised Nomad Foods, a frozen food company in Europe, on the successful repricing of an existing $693 million senior secured term loan.

The margin on the term loan will be reduced by 50 basis points to SOFR + 250 basis points, which is expected to result in approximately $3.5 million of annual cash savings. There are no changes to the maturity of the term loan as a result of this repricing.

The Greenberg Traurig team comprised Banking & Financial Services Shareholders Luke Lado and Rupert Cheetham, Finance Associates Nickie Pickernell and Suraj Padhiar, and Finance Paralegal Riccardo Mitchell.

“We are delighted to have worked with Nomad Foods on this significant repricing,” Lado said. The cash interest savings from the repricing will further enhance our client’s financial flexibility and support its continued growth initiatives.