Performance Food driving by with $780 million eight-year notes; initial talk mid-4% area

By Paul A. Harris

Portland, Ore., July 12 – Performance Food Group Co. plans to price a $780 million offering of eight-year senior notes (existing ratings: B2/B) in a Monday drive-by, according to market sources.

Initial guidance is in the mid-4% area.

BMO Capital Markets Corp. is leading the Rule 144A and Regulation S offer.

The notes come with three years of call protection.

The Richmond, Va.-based food distribution services supplier plans to issue the notes via its wholly owned subsidiary Performance Food Group, Inc., and to use proceeds, along with other financing, to pay the cash portion of its acquisition of Core-Mark Holding Co., Inc.

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