Mystery surrounds £100M debt sale
Mystery surrounded a reported £100M sale of Premier Foods’ debt to US private equity house Apollo Global Management when both firms refused to comment to FoodManufacture.co.uk.
The story originated from US media outfit CNBC, in June, and carried quotes purporting to be from Premier Foods finance director Mark Moran.
Moran acknowledged the debt purchase, equivalent to $155M, but would not reveal the identity of the purchaser, according to the article. CNBC named the purchaser as Apollo Global Management.
Shore Capital analysts Clive Black and Darren Shirley estimated that Premier Foods’ debt would be £850M by the end of 2013.