02:00 Tue 06 Oct 2020
Premier Foods plc - Partial redemption of Senior Secured Notes
Premier Foods plc
("Premier Foods" or "the Group")
Partial redemption of Senior Secured Floating Rate Notes due
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
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
Further to the certificate, the Group hereby confirms that, pursuant to the terms of the Indenture2,
There are no other changes to the Group's capital structure following this announcement. The Group's
Half year results announcement
The Group will release its Half year results for the 26 weeks ended
~ Ends ~
For further information, please contact:
Premier Foods plc |
+44 (0) 1727 815 850 |
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Headland: |
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+44 (0) 7884 666830 |
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+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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