Premier Foods plc Partial redemption of Senior Secured Notes (1596B)
October 06 2020 - 2:00AM
UK Regulatory
TIDMPFD TIDMIRSH
RNS Number : 1596B
Premier Foods plc
06 October 2020
6 October 2020
Premier Foods plc
("Premier Foods" or "the Group")
Partial redemption of Senior Secured Floating Rate Notes due
July 2022 (the "Notes")(1)
The Group announces that, it has provided a certificate to HSBC
Corporate Trustee Company (UK) Limited, as Trustee, and HSBC Bank
plc, as paying agent, for the Group's Notes due July 2022,
notifying of its intention to redeem GBP40 million of the GBP130
million outstanding. This is in line with requirements of the
Indenture of the Notes(2) and is further to the GBP80 million
redemption completed in June this year.
This partial redemption reflects the Group's strong trading
momentum during the first half of this financial year together with
further progress on reducing Net debt. As the Group continues on
its path to deleverage the business, its intention is to utilise
future free cash flow to reduce its cost of financing. Following
the completion of this partial redemption of Notes, the Group
expects to save approximately GBP2m per annum in interest
costs.
Further to the certificate, the Group hereby confirms that,
pursuant to the terms of the Indenture(2) , GBP40 million of the
Notes will be redeemed at par, plus accrued and unpaid interest up
to, but excluding, the redemption date(3) . The redemption date is
1 December 2020 and the record date is 30 November 2020.
There are no other changes to the Group's capital structure
following this announcement. The Group's GBP300m Senior Secured
fixed rate Notes due October 2023 and its GBP176.6m committed
Revolving Credit Facility with its lending bank group, which was
undrawn at the end of September, are unchanged.
Half year results announcement
The Group will release its Half year results for the 26 weeks
ended 26 September 2020 on 10 November 2020; further details will
be provided in due course.
Ends
For further information, please contact:
+44 (0) 1727 815
Premier Foods plc 850
Duncan Leggett, Chief Financial Officer
Richard Godden, Director of Investor Relations
& Treasury
Headland:
Ed Young +44 (0) 7884 666830
Francesca Tuckett +44 (0) 7884 667661
Notes:
1. The ISIN for the Notes are: 144A: XS1619820597 and Reg S: XS1619820324.
2. Section 3.07 (c) (Optional redemption) of the Indenture relating to the Notes.
3. Accrued unpaid interest amounts are calculated as 5.0% plus 3
month LIBOR for the period to the redemption date. There are no
Additional Amounts (as defined in the Indenture) payable.
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END
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