Findus beef lasagne

Findus issued a £410m bond in July 2013

Findus is looking to launch a bond worth up to £200m as part of a financial restructure designed to take advantage of strong markets.

The refinancing move would replace £200m of expensive mezzanine debt that Findus holds, Sky News reported earlier this week.

Sources told the broadcaster that the aim of the restructure was not to secure a payout for shareholders. However, those shareholders who own mezzanine debt could stand to benefit from the process.

Findus’s latest bond issue follows a £410m bond issue last year, which prompted Moody’s to upgrade its Findus rating from CAA2 to B3 in August.

The news comes one year after Findus found itself implicated in the horsemeat scandal after tests revealed its lasagne contained up to 100% horsemeat.

Findus is owned by JP Morgan, Highbridge Capital and Lion Capital.

Findus declined to comment on the story.