6th Oct 2020 09:25
(Alliance News) - Premier Foods PLC said Tuesday it intends to redeem GBP40 million of the GBP130 million outstanding senior secured floating rate notes due July 2022.
The partial redemption of the notes is for the purpose of the Hertfordshire-based food producer to utilise future free cash flow to reduce its cost of financing.
The redemption date is December 1, and the group expects to save GBP2 million per annum in interest costs. Following this announcement, no changes have been made to the Premier's capital structure.
Premier Foods will publish its interim results on November 10.
Shares in Premier Foods were up 0.2% at 97.83 pence on Tuesday in London.
By Dayo Laniyan; [email protected]
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