Slaughter and May advised Premier Foods plc on the extension of approximately £177,000,000 of its existing revolving credit facility

Slaughter and May advised Premier Foods plc (Premier Foods) 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 (which occurred on 4 June 2018). 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, we 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. The proceeds from the offering of the new notes was used on 4 June 2018 to settle part of the amount required for the satisfaction and discharge of the existing notes.