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19 Dec 2013 16:29
19 December 2013
Premier Foods Announces Improved Securitisation Programme and
Joint Corporate Broker Appointment
Premier Foods plc ("the Company") has today completed the re-financing of its current 'Receivables Securitisation Agreement' which expires in March 2014. The size of the programme has been increased from £100m to £120m, the interest margin reduced and the tenor extended to the end of September 2015 with an ability to extend further to the end of December 2016. The new agreement provides the Company with more cost effective financing and increased levels of funding and is an important step in developing a long term and sustainable capital structure.
Separately, the Company has concluded a review of the structure of its corporate broking arrangements. During this review, the Company and Citigroup reached a mutual and amicable decision that Citigroup would step down as brokers to the Company. Consequently, the Company has appointed Jefferies Hoare Govett as joint corporate broker alongside the existing joint broker Credit Suisse.
For further information please contact:
Richard Godden, Head of Investor Relations | +44 (0) 1727 815 850 |
Richard Johnson, Group Corporate Affairs Director | +44 (0) 1727 815 850 |
Maitland | |
Liz Morley/Tom Eckersley | +44 (0) 20 7379 5151 |
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