TIDMPFD TIDMIRSH
RNS Number : 4793Z
Premier Foods plc
21 May 2021
21 May 2021
Premier Foods plc
("Premier Foods" or "the Group")
GBP330m Fixed Rate Notes coupon confirmed at 3.5%, raising
expectations for adjusted PBT
Premier Foods is pleased to confirm that following its
announcement on 19 May 2021, it has priced the offering of new
GBP330m Fixed Rate Notes (the "Notes")(1) due October 2026 at an
annual interest rate of 3.5%. This will result in a further GBP8m
per annum reduction in the Group's financing costs and so increases
its FY21/22 expectations for adjusted profit before tax.
Duncan Leggett, Chief Financial Officer, said:
"The pricing of these Notes at 3.5% further illustrates the
substantial progress we have made in the last two years to
strengthen our financial position. With now significantly improved
leverage, our reduced levels of fixed debt and lower interest costs
mean we are raising our expectations for adjusted PBT."
The proceeds of the Notes will primarily be used to redeem the
GBP300m Fixed Rate Notes due October 2023. This redemption will
take place on 16 June 2021, subject to the closing of the offering
of the Notes. Meanwhile, the Group's GBP20m outstanding Floating
Rate Notes due July 2022 will be repaid on 3 June 2021. Interest
costs on the new Notes will be paid semi-annually.
Ends
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 Notes are issued by Premier Foods Finance plc and the ISIN is XS2347091279
2. The Notes are callable at a price of 101.75% from 15 June
2023 and at a price of 100.875% from 15 June 2024
Important Notice
THIS ANNOUNCEMENT IS FOR INFORMATIONAL PURPOSES ONLY AND DOES
NOT CONSTITUTE AN OFFER OF SECURITIES FOR SALE OR A SOLICITATION OF
AN OFFER TO PURCHASE ANY SECURITIES IN THE UNITED STATES (AS
DEFINED IN THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE
"SECURITIES ACT")), OR IN ANY OTHER JURISDICTION.
The securities referred to in this announcement have not been
and will not be registered under the Securities Act, or with any
securities regulatory authority of any state or other jurisdiction
of the United States, and may not be offered or sold in the United
States except pursuant to an exemption from, or in a transaction
not subject to, the registration requirements of the Securities Act
and in compliance with any applicable securities laws of any state
or other jurisdiction of the United States. No offering of the
securities is being made in the United States.
The communication of this announcement and any documents or
materials relating to this announcement is not being made, and such
documents and/or materials have not been approved, by an authorized
person for the purposes of section 21 of the Financial Services and
Markets Act 2000, as amended. Accordingly, such documents and/or
materials are not being distributed to, and must not be passed on
to, the general public in the United Kingdom.
The information contained in this announcement does not
constitute an invitation or inducement to engage in investment
activity within the meaning of the United Kingdom Financial
Services and Markets Act 2000. In the United Kingdom, this
announcement is being distributed only to, and is directed only at
(i) persons who are outside the United Kingdom, (ii) persons in the
United Kingdom falling within the definition of investment
professionals (as defined in Article 19(5) of the Financial
Services and Markets Act 2000 (Financial Promotion) Order 2005 (the
"Financial Promotion Order")), (iii) persons who are within Article
49(2)(a) to (d) of the Financial Promotion Order or (iv) any other
persons to whom it may otherwise lawfully be made under the
Financial Promotion Order (all such persons together being referred
to as "relevant persons"). This announcement is directed only at
relevant persons and must not be acted on or relied on by persons
who are not relevant persons.
This announcement may contain "forward-looking statements" that
are based on estimates and assumptions and are subject to risks and
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tense, and can be identified by words such as "targets", "aims",
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forward-looking statements in this announcement are made based upon
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future events affecting Premier Foods and subject to a number of
known and unknown risks and uncertainties. Such forward-looking
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Foods' present and future business strategies and the environment
in which it will operate, which may prove not to be accurate.
Premier Foods cautions that these forward-looking statements are
not guarantees and that actual results could differ materially from
those expressed or implied in these forward-looking statements.
Undue reliance should, therefore, not be placed on such
forward-looking statements. Any forward-looking statements
contained in this announcement apply only as at the date of this
announcement and are not intended to give any assurance as to
future results. Premier Foods will update this announcement as
required by applicable law, including the Prospectus Rules, the
Listing Rules, the Disclosure and Transparency Rules, London Stock
Exchange and any other applicable law or regulations, but otherwise
expressly disclaims any obligation or undertaking to update or
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MSCFLFSFEDILFIL
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May 21, 2021 09:32 ET (13:32 GMT)
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