Food manufacturer Premier Foods has repaid a further £30.0m of its senior secured floating rate notes thanks to a period of continued “strong trading performance” and cash generation.
Premier said on Thursday that it had “significantly accelerated” its net debt reduction, with an aggregate of £190.0m of its notes having been repaid during the 2020-21 trading year following the transaction, generating a total pro forma interest savings of over £9.5m per year.
The FTSE 250-listed firm highlighted that its “ongoing strong performance” also further underpinned expectation that its net debt/underlying earnings leverage ratio will fall below 2.0x by 3 April.
As of 0830 GMT, Premier Foods shares were up 1.23% at 90.60p.
