Performance Food to sell $1.06 billion eight-year notes on Tuesday

By Paul A. Harris

Portland, Ore., Sept. 16 – Performance Food Group Co. is expected to price $1.06 billion of eight-year senior notes on Tuesday, according to market sources.

Initial price talk has the deal coming to yield in the low-to-mid 5% area, according to a bond trader based in New York.

Credit Suisse Securities (USA) LLC is leading the Rule 144A and Regulation S offering, sources say.

The notes come with three years of call protection.

The Richmond, Va.-based foodservice distribution company plans to issue via its wholly owned subsidiary, PFG Escrow Corp., and use the proceeds to help fund the acquisition of Reinhart Foodservice, LLC from Reyes Holdings, LLC.

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