Covenant test deferred (5738R)
November 07 2011 - 2:00AM
UK Regulatory
TIDMPFD
RNS Number : 5738R
Premier Foods plc
07 November 2011
Premier Foods secures agreement from banking syndicate to defer
upcoming covenant test;
Constructive discussions continue over longer term refinancing
of debt beyond its current maturity of December 2013
Premier Foods today announces that it has obtained agreement
from its banking syndicate to a deferral of the company's
forthcoming financial covenant test from 31 December 2011 to 31
March 2012. This agreement forms part of the company's discussions
about longer term refinancing of the Group's debt and confirms
ongoing bank support for the business.
The company announced in October that it was in constructive
discussions with its banks to put in place refinancing facilities
beyond their current maturity of December 2013. These discussions
continue to be constructive and the banking syndicate has confirmed
that it remains supportive both of the business and the continued
discussions.
Commenting on progress, Michael Clarke, Chief Executive Officer,
said:
"This is an important step towards securing a longer term
financial foundation for the business. I am very pleased that after
sharing our vision and high-level plans, our banking syndicate has
confirmed its support."
"In recent weeks, we have set out our priorities and made
significant leadership changes to strengthen our focus. We are now
moving quickly to finalise our detailed growth plans to ensure we
continue to build momentum in the business."
Further updates regarding the discussions with the banks will be
provided as appropriate. The company expects that a further
announcement on the long-term refinancing of its debt and extension
of its facilities will be made at the conclusion of those
discussions.
For further information, please contact:
Premier Foods
Lisa Attenborough, Group Director of Communications 01727 815716
Richard Godden, Head of Investor Relations 01727 815927
Maitland
Brian Hudspith/Tom Eckersley 020 7379 5151
This information is provided by RNS
The company news service from the London Stock Exchange
END
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