Pinnacle Foods Completes Previously-Announced Refinancing
PARSIPPANY, N.J., Feb. 03, 2017 (GLOBE NEWSWIRE) -- Pinnacle Foods Inc. (NYSE:PF) announced today that its indirect wholly-owned subsidiary, Pinnacle Foods Finance LLC, completed its previously-announced refinancing of the Company’s senior secured credit facilities, in a transaction that will reduce its annual interest expense and improve its debt maturity profile.
The refinancing was comprised of a new senior secured credit facility, consisting of a $2,262 million term loan due 2024 and a $225 million revolving credit facility due 2022. Pinnacle Foods used the proceeds from the new term loan, along with $213 million of cash on hand, to repay its existing term loans totaling $2,462 million and pay fees and expenses associated with the refinancing.
Bank of America Merrill Lynch acted as lead arranger for the refinancing, with Barclays, Credit Suisse, Goldman Sachs and Morgan Stanley as additional arrangers.
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ABOUT PINNACLE FOODS INC.
In more than 85% of American households, consumers reach for Pinnacle Foods brands. Pinnacle Foods is ranked on Fortune Magazine's 2015 Top 1000 companies list. We are a leading producer, marketer and distributor of high-quality branded food products, which have been trusted household names for decades. Headquartered in Parsippany, NJ, our business employs an average of 5400 employees. Our Duncan Hines Grocery segment manages brands such as Duncan Hines® baking mixes and frostings, Vlasic® and Vlasic Farmer's Garden® shelf-stable pickles, Wish-Bone® and Western® salad dressings, Mrs. Butterworth's® and Log Cabin® table syrups, Armour® canned meats, Brooks® and Nalley® chili and chili ingredients, Duncan Hines® Comstock® and Wilderness® pie and pastry fruit fillings and Open Pit® barbecue sauces. Our Birds Eye Frozen segment manages brands such as Birds Eye®, gardein™, Birds Eye Steamfresh®, C&W®, McKenzie's®, and Freshlike® frozen vegetables, Birds Eye Voila!® complete bagged frozen meals, Van de Kamp's® and Mrs. Paul's® frozen prepared seafood, Hungry-Man® frozen dinners and entrees, Aunt Jemima® frozen breakfasts, Lender's® frozen and refrigerated bagels, and Celeste® frozen pizza. Our Specialty Foods segment manages Tim's Cascade Snacks®, Hawaiian® kettle style potato chips, Erin's® popcorn, Snyder of Berlin® and Husman's® snacks in addition to our food service and private label businesses. The acquisition of Boulder Brands adds well-known brands such as Glutino®, Udi's Gluten Free®, Earth Balance®, EVOL® foods, and Smart Balance® to the Pinnacle Foods portfolio. Further information is available at www.pinnaclefoods.com.
Senior Vice President, Investor Relations