26th May 2020 10:43
(Alliance News) - Premier Foods PLC on Tuesday said it intends to redeem GBP80 million of the GBP210 million outstanding senior secured floating rate notes due July 2022.
The St Albans, England-headquartered food manufacturer said this partial redemption signifies further evidence of the company's increasing momentum and is clear demonstration of its cash generating characteristics.
Following the completion of this partial redemption of notes, Premier Foods said it expects to save over GBP4 million per annum in interest costs.
The redemption date is June 17. HSBC Corporate Trustee Co UK Ltd is acting as a trustee and HSBC Bank PLC as paying agent.
The company said its GBP300 million senior secured fixed rate notes due October 2023 and GBP176.6 million committed revolving credit facility with its lending bank group are unchanged.
Premier Foods shares were trading 3.5% higher in London on Tuesday at 46.80 pence each.
By Evelina Grecenko; [email protected]
Copyright 2020 Alliance News Limited. All Rights Reserved.
Related Shares:
Premier Foods