Hearthside Food to start roadshow on Monday for $375 million notes

By Paul A. Harris

Portland, Ore., May 10 – Hearthside Food Solutions LLC plans to start a roadshow on Monday in New York for a $375 million offering of eight-year senior notes (CCC+), according to a market source.

An investor conference call is also scheduled for Monday.

The roadshow travels to Boston on Tuesday and to Los Angeles on Wednesday, and the Rule 144A and Regulation S for life offering is set to price thereafter.

Joint bookrunner Barclays will bill and deliver. Goldman Sachs & Co., Credit Suisse Securities (USA) LLC, Jefferies LLC, Nomura and RBC Capital Markets LLC are also joint bookrunners.

The notes become callable after three years at par plus 50% of the coupon and feature a 101% poison put.

Proceeds will be used to support the pending acquisition of the Downers Grove, Ill.-based bakery, nutrition bar, snack and packaged food producer by Charlesbank Capital Partners and Partners Group.

The issuing entities will be Matterhorn Merger Sub, LLC, H-Food Holdings LLC, Matterhorn Finance Sub, Inc. and Hearthside Finance Co., Inc.

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