...January 21, 2025 This report does not constitute a rating action. MADRID (S&P Global Ratings) Jan. 21, 2025--S&P Global Ratings today said that Flora Food Group's proposed tap issuance of 250 million senior secured notes due 2029 is credit neutral. Flora Food is the world's largest manufacturer of plant-based butter and spreads. The notes will be issued by Flora Management B.V., the group's financing vehicle and an 100% indirectly owned subsidiary of Sigma Holdco B.V. (B/Stable/--). We understand the cash proceeds from the new notes will be used for refinancing purposes, namely to partly repay the outstanding 2026 senior unsecured notes, and cover fees. This refinancing transaction follows a series of other similar debt refinancing transactions in 2023 and 2024, which have greatly improved the group's debt maturity profile, with the largest debt maturities now due in January 2028 and July 2029. After the transaction closes, we estimate debt remaining due in 2026 will be only about 380 million...
