The Dutch plant-based food group released strong Q3 2024 results yesterday. The highlight of the quarter was positive volume growth for two of the
Read MoreFormerly known as Upfield, the Dutch edible spreads business launched a €100 million add-on to its existing 6.875% senior secured notes at
Read MoreUpfield reported its Q2 2024 financial results yesterday and followed up with a call. In general, the quarter was below our estimates (with the exception of margins) with the
Read MoreIn line with the sunny weather, the company decided to tap the strong primary market and launch a €400 million senior secured notes
Read MoreThe company reported Q1 2024 financial results yesterday and hosted a call with investors. Upfield missed our topline estimate as we expected growth in the single digit while
Read MoreReports in the press on a proposed sale of Upfield at US$ 10 billion to an Abu Dhabi sovereign wealth fund (ADQ) which were cancelled were beyond
Read MoreThe company is launching further add-ons to their TLB. This doesn’t look transformative, but
Read MoreUpfield published their Q3 results last night, ahead of their conference call today. With price deflation in the spreadable market, sales were down 10%. Gross profit
Read MoreUpfield has upsized its tap from earlier this week, in line with our previous comment. The new size is $215m fungible with the current Term
Read MoreUpfield have launched a €100m tap to the previously extended facilities this morning. In July, 79% of the €2.4bn facility was extended to January 2028
Read MoreUpfield are holding an investor call today at 1:30 UK time on an amend and extend of its €, $ and £ term loan tranches, with the aim to
Read MoreFurther press reports on lower food inflation, with the FT citing “softening” butter prices due to a reduction in dairy producers’ costs. In Germany, prices are
Read MoreUpfield have partially extended its Bank Loan Facilities, the RCF to October 2027 and Polish Zloty Term Loan Facilities to January 2028. However, the
Read MoreUpfield completed the solicitation in order to reduce its Senior Secured 1st Lien debt, and has now reduced c.€250m of their Senior Debt, namely
Read MorePlease find our updated model here.
We initiated our long position in mid-August on the back of the Q2 numbers with a view to increasing the initial position over the following days/weeks. Unfortunately, due to an oversight, we never increased the position,. However, we remain confident in the
Read MoreUpfield released their Q3 trading statement, prior to their call later today (2pm UK time). Strong set of numbers with Gross Profit increasing to
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