McBride plans to issue make-whole call for 5.51% notes, 5.38% notes

By Susanna Moon

Chicago, June 27 – McBride plc plans to repay its $50 million 5.51% notes due 2020 and $40 million 5.38% notes due 2022.

The make-whole premium on the private placement notes will be about £11 million.

The group has secured replacement credit facilities from international banks to refinance the notes, according to a company announcement.

The refinancing will reduce the group’s debt financing beginning July 1 by about £2 million per year, the release noted.

The company said it will close out the euro/dollar cross-currency interest rate swaps for the notes, which have a current mark-to-market net value of about £11 million in favor of the group.

McBride, based in Manchester, England, is a provider of private label household and personal care products.

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