By Paul A. Harris
St. Louis, Dec. 9 - Pinnacle Foods Finance LLC and Pinnacle Foods Finance Corp. priced a $300 million add-on to its 9¼% senior notes due April 1, 2015 at par on Wednesday, according to an informed source.
The deal priced at the rich end of the 99.00 to 100.00 price talk.
Credit Suisse Securities, Barclays Capital Inc., Bank of America Merrill Lynch, HSBC Securities and Macquarie Capital were joint bookrunners.
Moody's Investors Service is expected to leave its current Caa2 rating of the notes in place. Standard & Poor's is expected to raise the ratings of the notes to CCC+ from the current CCC.
Proceeds will be used to help finance the $1.3 billion acquisition of Birds Eye Foods Inc.
The original $325 million priced at par in March 2007.
Pinnacle Foods is a Cherry Hill, N.J.-based manufacturer and distributor of branded packaged foods.
| Issuer: | Pinnacle Foods Finance LLC and Pinnacle Foods Finance Corp.
|
| Amount: | $300 million
|
| Maturity: | April 1, 2015
|
| Securities: | Add-on to the 9¼% senior notes
|
| Bookrunners: | Credit Suisse Securities, Barclays Capital Inc., Bank of America Merrill Lynch, HSBC Securities, Macquarie Capital
|
| Coupon: | 9¼%
|
| Price: | Par
|
| Yield: | 9¼%
|
| Trade date: | Dec. 9
|
| Settlement date: | Dec. 23 with accrued interest
|
| Distribution: | Rule 144A with registration rights
|
| Price talk: | 99 to 100
|
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