Linklaters has advised the arrangers on a €1.2 billion covenant-lite loan refinancing for the pan-European frozen food maker Iglo Group, owned by Permira.  The transaction consists of €1.2 billion of senior secured covenant-lite loans and €500 million of senior secured high yield bonds.

Edward Aldred, Finance partner at Linklaters, said: ‘This deal is particularly interesting as it is one of the largest senior secured sponsor-backed cov-lite loan transactions in Europe, and it’s success shows that, with the right credit, this type of covenant structure can appeal to European loan investors.”

The Linklaters team was led by Finance partners Adam Freeman and Edward Aldred with managing associate Thomas Waller.