| Headline: Bisto kids bake an exceedingly complex deal Source: Euromoney Date: April 2001 Issuer: RHM FinanceAmount: £650 millionType of issue: whole-business securitizationDate of issue: February 28Arranger: JP Morgan What is new about the latest such deal is the type of business being securitized. At the end of February, JP Morgan closed a deal that partly refinanced Doughty Hanson’s acquisition of food company Ranks Hovis McDougall (RHM). The private-equity firm bought RHM from UK conglomerate Tomkins last July for £1.1 billion. RHM Finance issued £650 million-worth of bonds rated between triple B and single B. The notes were secured by cashflows from a business comprising several of the UK’s best known brands. They include such old favourites as Hovis bread and Bisto gravy powder. There are also rising stars of the food world such as Sharwood curry sauces. | |||||||||||||||||||||||||||