Private equity group Permira has completed a major refinancing of Iglo Group to set the frozen food giant’s debt on more favourable terms.

Part of Iglo’s existing debt has been amended and the maturity date extended from 2014/2015 to 2017, said a source close to the group. Iglo has also issued €250m of new debt to replace shareholder loan notes with cheaper debt, which would “reduce the group’s interest cost going forward”, he said.