The heavily indebted UK food group Premier Foods plc is reportedly preparing a rights issue and share placing with a view to reducing its debts of GBP1.8bn (US$2.7bn).
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According to a report in the Sunday Times, Premier intends to raise GBP400m this week by issuing new share capital.
Previously, it was believed that the company favoured a cash injection from private equity sources as a means to reduce its debt mountain.
A spokesperson for Premier confirmed that the company is looking at means to refinance its debt. “The group has made it a priority to accelerate debt reduction and is reviewing a range of options to raise capital,” the spokesperson said.
However, the group declined to comment on the timing or form any funding would take.
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By GlobalData
