Business
Issuance of Senior Secured Fixed Rate Notes
Issuance of Senior Secured Fixed Rate Notes.
About this update from Premier Foods Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 0673B\n Premier Foods plc\n 07 June 2021\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 7 June 2021\n \n \n Premier Foods plc \n \n \n (\"Premier Foods\")\n \n \n \n \n \n ISSUANCE BY PREMIER FOODS FINANCE PLC \n \n \n OF £330 million SENIOR SECURED NOTES\n \n \n \n \n \n Further to the announcement on 19 May 2021 of a proposed bond issue and the announcement on 21 May 2021 of the pricing of the offering by Premier Foods Finance plc (the \"Issuer\") of £330 \n million\n senior secured notes due 15 October 2026, with a coupon of 3.50% per annum (the \"Notes\"), Premier Foods announced today the closing of the offering of the Notes by the Issuer and the receipt of proceeds thereof. \n \n \n \n \n \n The gross proceeds of the offering will be used to (i) pay the total consideration, including the redemption premium and any accrued and unpaid interest, in connection with the redemption of the Issuer's outstanding \n £300 million\n 6.25% senior secured notes due 2023 (the \"2023 Notes\"), (ii) repay drawings under the £175 \n million\n revolving credit facility announced on 19 May 2021 (the \"New RCF\") and (iii) pay certain administrative costs, expenses and fees in connection with, or otherwise related to, the foregoing. \n \n \n \n \n \n With the successful closing of this offering, the Issuer has raised funds which are sufficient to redeem the outstanding 2023 Notes. As such, the Refinancing Condition (as stated in the notice of redemption with respect to the 2023 Notes issued on 19 May 2021) has been satisfied, and the redemption of such 2023 Notes will occur on 16 June 2021 as previously described in such notice. The indenture governing the 2023 Notes was satisfied and discharged as of today.\n \n \n \n \n \n In addition, and further to the notice of redemption with respect to the Issuer's outstanding \n £210 million\n senior secured floating rate notes due 2022 (the \"2022 Notes\") issued on 19 May 2021, the remaining outstanding 2022 Notes were redeemed on 3 June 2021 using drawings under the New RCF. The indenture governing the 2022 Notes was satisfied and discharged as of 3 June 2021.\n \n \n \n \n \n For further information, please contact:\n \n \n \n \n \n \n Premier Foods ...