Froneri Seeks €4 Billion Debt as PAI Holds Onto Ice Cream Firm

Ice cream maker Froneri Ltd. is seeking around €4 billion ($4.6 billion) in debt to support a fund that would let co-owner PAI Partners hold onto its stake in the Nestle SA-backed joint venture and facilitate a dividend payment, according to people familiar with the matter.

Banks are lining up financing for the UK-based maker of Haagen-Dazs after a request for proposals was sent out a few weeks ago, the people said, who asked not to be identified because the matter is private. The additional commitments would lift Froneri’s total debt to about €9 billion, according to Bloomberg calculations. ...