Premier Foods plc Partial redemption of Senior Secured Notes (4707P)
February 18 2021 - 1:00AM
UK Regulatory
TIDMPFD TIDMIRSH
RNS Number : 4707P
Premier Foods plc
18 February 2021
18 February 2021
Premier Foods plc
("Premier Foods" or "the Group")
Continued Strong Trading facilitates further repayment of Senior
Secured Floating Rate Notes
The Group is pleased to announce that, due to its continued
strong trading performance and cash generation, it will repay a
further GBP30m of its Senior Secured Floating Rate Notes due July
2022 (the "Notes")(1) .
Premier Foods has significantly accelerated its Net debt
reduction. Following this redemption, an aggregate of GBP190m of
the Notes will have been repaid during the FY20/21, generating
total pro forma interest savings of over GBP9.5m per annum. The
ongoing strong performance further underpins the Group's
expectation that its Net debt/EBITDA leverage ratio will fall below
2.0x by the end of this financial year end, 3 April 2021.
Accordingly, the Group 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 its intention to redeem GBP30m of the GBP50m outstanding.
This is in line with requirements of the Indenture of the Notes(2)
and following this redemption, there will be just GBP20m
outstanding of the Notes.
Further to the certificate, the Group hereby confirms that,
pursuant to the terms of the Indenture(2) , GBP30 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
31 March 2021 and the record date is 30 March 2021.
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
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.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
MSCEALAXFDDFEFA
(END) Dow Jones Newswires
February 18, 2021 02:00 ET (07:00 GMT)
Premier Foods (LSE:PFD)
Historical Stock Chart
From Apr 2024 to May 2024
Premier Foods (LSE:PFD)
Historical Stock Chart
From May 2023 to May 2024