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Premier Foods unveils 1.13 bln stg refinancing plan
March 4, 2014 / 9:05 AM / 4 years ago

Premier Foods unveils 1.13 bln stg refinancing plan

LONDON, March 4 (Reuters) - Britain’s Premier Foods announced a 1.13 billion pound ($1.89 billion) refinancing plan on Tuesday as part of an ongoing restructuring aimed at reducing its heavy debts and reviving the business.

The maker of Mr Kipling cakes and Bisto gravy said it would raise a total of 353 million pounds via a placing of new shares and a rights issue.

It also proposed to raise 475 million pounds through a bond issue and said it had secured a new 300 million pound banking facility.

Premier Foods also posted a 12.3 percent fall in 2013 trading profit to 139.5 million pounds.

Its adjusted net debt at Dec. 31 was 513.1 million pounds.

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