Performance Food sees net debt rise by $129.5 million; leverage is 3x

By Devika Patel

Knoxville, Tenn., Aug. 16 – Performance Food Group Co. plans to stay “disciplined” in its use of cash and leverage, and despite net debt increasing significantly, the company ended the fiscal year with a leverage ratio that is “comfortably at 3.3x.”

“While our net debt increased by $129.5 million during the fiscal year, net debt to adjusted EBITDA remained comfortably at 3.3x,” executive vice president and chief financial officer Tom Ondrof said on the company’s fourth quarter earnings and fiscal year-end conference call on Wednesday.

“We have and will remain disciplined in our uses of cash and leverage as we evaluate future investment opportunities,” Ondrof said.

Total adjusted EBITDA for the quarter was up over 23% to $131.5 million.

Performance Food is a Richmond, Va.-based marketer and distributor of food and food-related products.

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