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Pinnacle Foods Inc Announces Closing of Initial Public Offering

Wednesday, 3 Apr 2013 04:30pm EDT 

Pinnacle Foods Inc announced the closing of the Company's initial public offering of its common stock. Shares of Pinnacle Foods began trading on the New York Stock Exchange on March 28, 2013, under the ticker symbol PF. In connection with the offering, the Company issued a total of 33,350,000 shares of common stock, including 4,350,000 common shares issued pursuant to the full exercise of the underwriters' option to purchase additional shares. The offering raised proceeds, net of underwriting discounts, of approximately $627 million, all of which will be used, together with cash on hand, to pay down $667 million in outstanding debt. Specifically, the Company plans to redeem at par all $465 million in outstanding aggregate principal amount of the 9.25% Senior Notes due 2015 co-issued by certain of the Company's subsidiaries and to repay $202 million of the Senior Secured Non-extended Term Loan B facility, maturing in April 2014, held by a subsidiary of Pinnacle Foods. The number of common shares outstanding, after giving effect to the offering, totals approximately 117.2 million. Barclays, BofA Merrill Lynch, Credit Suisse, Goldman, Sachs & Co., Morgan Stanley and UBS Investment Bank acted as joint bookrunning managers for the offering, and Blackstone Capital Markets, BMO Capital Markets, C.L. King & Associates, Janney Montgomery Scott, Macquarie Capital, Piper Jaffray, Stephens Inc. and Stifel acted as co-managers for the offering. 

Company Quote

0.07 +0.21%
24 Oct 2014