Major food processor George Weston Ltd has revealed its intention to appoint underwriters, led by RBC Capital Markets, to sell eight million 5.80% series I preferred shares at the price of US$25 each.

Options to purchase a further two million shares will be available to 30 November.

If all the options are exercised in full, the company revealed that maximum gross proceeds will reach US$250m. these funds will be used for general corporate purposes and to refinance other debt.