Vistar gets commitments for acquisition of Performance Food

By Jennifer Chiou

New York, Jan. 18 - Vistar Corp. executed debt commitment letters to provide the necessary financing for its acquisition of Performance Food Group Co., according to a filing with the Securities and Exchange Commission.

Those providing commitments include Wachovia Capital Markets, LLC, Wachovia Bank, NA, Credit Suisse Securities (USA) LLC, Credit Suisse, Cayman Islands Branch, GE Capital Markets, Inc. and General Electric Capital Corp.

Performance Food signed a definitive merger agreement to be acquired by an affiliate of Blackstone Group and Wellspring Capital Management in a transaction valued at $1.3 billion.

The company said that the transaction will be structured as a combination of Performance Food and Vistar, a Denver-based foodservice distributor controlled by affiliates of Blackstone and Wellspring.

Under the terms of the agreement, Performance Food shareholders will receive $34.50 in cash for each share, representing a premium of 33.4% over the average closing share price for the 30 trading days ended Jan. 17 and 42.6% over Thursday's closing share price of $24.19.

The Richmond, Va., restaurant food distributor said that its board unanimously adopted the merger agreement and will recommend that shareholders approve the agreement.

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