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Investing.com -- Froneri Ltd., the UK-based ice cream manufacturer known for the Haagen-Dazs brand, is reportedly seeking to raise around €4 billion ($4.6 billion) in debt. The funds are intended to support a fund that would allow co-owner PAI Partners to maintain its stake in the joint venture backed by Nestle SA (SIX:NESN) and to enable a dividend payment, according to Bloomberg, citing individuals familiar with the situation.
The company’s request for financing proposals sent out a few weeks ago has led to banks preparing to provide the necessary funds. These additional commitments would bring Froneri’s total debt to approximately €9 billion, based on calculations made by Bloomberg.
This move to secure additional financing by Froneri is in line with PAI’s impending transfer of its 50% shareholding to a new fund. In May of the previous year, Bloomberg News reported that the buyout firm was gauging investor interest for a continuation fund deal. It was reported at the time that such a transaction could value Froneri at around $10 billion.
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