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)