Premier Foods plc’s £177 million extension of its existing revolving credit facility

Slaughter and May has advised Premier Foods plc on the extension of approximately £177,000,000 of its existing revolving credit facility with its lending syndicate from December 2020 to December 2022, effective on the satisfaction and discharge of existing senior secured fixed rate notes.

The margin under the extended revolving credit facility was reduced by twenty-five basis points and although the financial covenants, which are tested bi-annually, are unchanged, certain additional flexibility in covenants and undertakings was introduced.

In addition, Slaughter and May advised, as part of an integrated team with Cravath, Swaine & Moore acting as U.S. counsel, on the issuance of £300,000,0000 6.25% senior secured fixed rate notes due 2023 and the simultaneous tender offer for Premier’s existing £325,000,000 6.5% senior secured notes due 2021.

Slaughter and May advised Premier Foods on the deal with a team led by Robert Byk (partner, in picture) and Susan Hughes (partner), assisted by Chris Parrott (associate), Robert Longman (trainee), Richard Bishop (trainee).

Involved fees earner: Robert Byk – Slaughter and May; Susan Hughes – Slaughter and May; Chris Parrott – Slaughter and May; Robert Longman – Slaughter and May; Richard Bishop – Slaughter and May;

Law Firms: Slaughter and May;

Clients: Premier Foods;