Premier Foods plc Partial redemption of Senior Secured Notes (8361N)
26 Mayo 2020 - 1:01AM
UK Regulatory
TIDMPFD TIDMIRSH
RNS Number : 8361N
Premier Foods plc
26 May 2020
26 May 2020
Premier Foods plc
("Premier Foods" or "the Group" or "the Company")
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 Senior Secured 5.0% + LIBOR
floating rate Notes due July 2022 (the "Notes"), notifying of its
intention to redeem GBP80 million of the GBP210 million
outstanding. This is in line with requirements of the Indenture of
the Notes(2) .
This partial redemption signifies further evidence of the
Group's increasing momentum and is clear demonstration of its cash
generating characteristics. Following the completion of this
partial redemption of Notes, the Group expects to save over GBP4m
per annum in interest costs. The Group will continue on its
deleveraging path, and as it does so, the options for cash
deployment and capital allocation become greater.
Further to the certificate, the Group hereby confirms that,
pursuant to the terms of the Indenture(2) , GBP80 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
17 June 2020 and the record date is 16 June 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 GBP176.6m committed Revolving
Credit Facility with its lending bank group are unchanged.
Ends
For further information, please contact:
Premier Foods plc +44 (0) 1727 815 850
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 63 days. There are no Additional Amounts (as
defined in the Indenture) payable.
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END
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