Business
Issuance of senior secured floating rate notes
Issuance of senior secured floating rate notes.
About this update from Premier Foods Plc
[{"type":"text","content":"\n \nRNS Number : 1729H Premier Foods plc 05 June 2017 \n\n\nPremier Foods Plc\n \n \n5 June 2017\n \nNOT FOR PUBLICATION, DISTRIBUTION OR RELEASE, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA, NEW ZEALAND, JAPAN OR ANY OTHER JURISDICTION IN WHICH THE PUBLICATION, DISTRIBUTION OR RELEASE WOULD BE UNLAWFUL. OTHER RESTRICTIONS ARE APPLICABLE. PLEASE SEE THE IMPORTANT NOTICE AT THE END OF THE PRESS RELEASE.\n \n \n \nPremier Foods plc\n \nISSUANCE BY PREMIER FOODS FINANCE PLC \nOF £210,000,000 SENIOR SECURED FLOATING RATE NOTES \n \nFurther to the announcement on 16 May 2017 of a proposed bond issue and the announcement on 18 May 2017 of the pricing of the offering by Premier Foods Finance plc (the \"Issuer\") of £210,000,000 senior secured floating rate notes due 15 July 2022, at three-month GBP LIBOR (floor: 0%) plus 500 bps, reset quarterly (the \"Notes\"), Premier Foods plc (\"Premier Foods\") announced today the closing of the offering of the Notes by the Issuer and the receipt of proceeds thereof. \n \nThe gross proceeds of the offering will be used, together with cash on hand, (i) to redeem £175,000,000 in aggregate principal amount of the Issuer's senior secured floating rate notes due 2020 (the \"2020 Notes\"), (ii) to prepay outstanding indebtedness under Premier Foods' revolving credit facility of up to £35,000,000 and reduce the maximum capacity available under such facility by £35,000,000, and (iii) to pay certain administrative costs, expenses and fees in connection with the offering.\n \nWith the successful closing of this offering, the Issuer has raised funds sufficient to redeem the outstanding 2020 Notes. As such, the Refinancing Condition (as stated in the notice of redemption with respect to the 2020 Notes issued on 16 May 2017) has been satisfied, and the redemption of the 2020 Notes will occur on 15 June 2017 as previously described in such notice. \n \nFor further information, please contact:\n \nInstitutional investors and analysts:\n\n\n\n\nAlastair Murray, Chief Financial Officer\n\n\n+44 (0) 1727 815 850\n\n\n\n\nRichard Godden, Head of Investor Relations\n\n\n+44 (0) 1727 815 850\n\n\n\n\n \nMedia enquiries:\n\n\n\n\nMarisa Fitch, Head of External Affairs\n\n\n+44 (0) 1727 815 850\n\n\n\n\n \n ...