REG - Premier Foods plc Premier Foods Fin - Partial redemption of Senior Secured Notes

Premier FoodsAnnouncement

18/02/2021 07:01

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 £30m 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 £190m of the Notes will have been repaid during the FY20/21, generating total pro forma interest savings of over £9.5m 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 £30m of the £50m outstanding. This is in line with requirements of the Indenture of the Notes2 and following this redemption, there will be just £20m outstanding of the Notes.
 
Further to the certificate, the Group hereby confirms that, pursuant to the terms of the Indenture2, £30 million of the Notes will be redeemed at par, plus accrued and unpaid interest up to, but excluding, the redemption date3. The redemption date is 31 March 2021 and the record date is 30 March 2021.
 
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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. 
 

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