Slaughter and May advised Premier Foods on its amendment to pension contributions, extension of maturities under its existing revolving credit facility and issue of senior secured notes

21 Jul 2017

Slaughter and May advised Premier Foods plc (“Premier Foods”) on the extension of its existing revolving credit facility in relation to the commitments of certain lenders through the incorporation of a new integrated forward start tranche, which will extend the maturity of certain commitments under the revolving credit facility until December 2020.

The extension of maturities was implemented in conjunction with a separate amendment to the pension arrangements of the company, in order to reduce and re-phase Premier Foods’ pension scheme obligations for the next three years.

In addition, as part of an integrated team with Cravath, Swaine & Moore acting as U.S. counsel, Slaughter and May advised on the issuance of £210,000,000 senior secured notes due 2022. The proceeds from the offering of the notes will refinance Premier’s existing £175,000,000 senior secured notes due 2020 as well as existing amounts under the revolving credit facility.

Contacts

Financing: Robert Byk (partner), Michael Corbett (partner), Susan Hughes (partner), Chris Parrott (associate), Matthew Carey (trainee)

 


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