Malcolm Walker's Iceland Foods has undergone a multi-million pound debt refinancing plan to give shareholders a dividend.
The retailer enjoyed like-for-like sales growth of 15% for the year to the end of March 2007 - and on the back of this instructed Landsbanki and Deutsche Bank to arrange the refinancing.
"The management team has turned the business around and wanted to provide shareholders with a dividend," said Rachel Jones. Landsbanki MD, structured finance - origination.
"With the partnership of Deutsche Bank and Landsbanki, the facility of £370m was syndicated and was four times over-subscribed. This has created confidence in the Iceland concept."
The £370m debt package includes senior debt of £290m, mezzanine debt of £60m and working capital of £20m.