Slaughter and May advised Premier Foods on the refinancing and extension of its existing receivables securitisation programme, which was due to expire on 30 March 2014. The receivables securitisation programme was amended to, amongst other things, extend the availability period, increase the available funding from £100 million to £120 million, reduce the interest margin and improve the advance rate. Premier has described the transaction as an important step in its development of a long term and sustainable capital structure.

CONTACTS

Financing: Stephen Powell (partner), Robert Byk (partner), Susan Hughes (associate), Amy Lee (associate), Smriti Sriram (trainee)