New Issue: Pinnacle Foods upsizes 10-year notes to $200 million, yield 8¼%

By Paul A. Harris

St. Louis, Nov. 20 - Pinnacle Foods Holding Corp. priced an upsized issue of $200 million of senior notes due Dec. 1, 2013 (B3/B) at par, Thursday, to yield 8 ¼%, according to a market source.

The deal was increased from $150 million. Price talk was for a yield of 8¼%-8½%.

JP Morgan and Deutsche Bank Securities were bookrunners on the Rule 144A deal.

Proceeds will be used to help fund the $485 million acquisition of the company by JPMorgan Partners and C. Dean Metropoulos, from Hicks, Muse, Tate & Furst Inc.

The issuer is a Cherry Hill, N.J.-based manufacturer and marketer of frozen foods, pickles, condiments and barbeque sauce.

Issuer:	Pinnacle Foods Holding Corp.
Amount:	$200 million (increased from $150 million)
Maturity:	Dec. 1, 2013
Security description:	Senior subordinated notes
Bookrunners:	JP Morgan, Deutsche Bank Securities
Coupon:	8¼%
Price:	Par
Yield:	8¼%
Spread:	407 basis points
Call features:	Make-whole call at Treasuries plus 50 basis points until Dec. 1, 2008, then callable at 104.125, 102.750, 101.375, declining to par on Dec. 1, 2011 and thereafter
Equity clawback;	Until Dec. 1, 2006 for 35% at 108.25
Settlement date:	Nov. 25
Ratings:	Moody's: B3
	Standard & Poor's: B
Price talk:	8¼%-8½%

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