Published on 5/12/2016 in the Prospect News High Yield Daily.
New Issue: Performance Food prices $350 million 5½% eight-year notes at par
By Paul A. Harris
Portland, Ore., May 12 – Performance Food Group, Inc. priced a $350 million issue of eight-year senior notes (B2/BB-) at par to yield 5½% on Thursday, according to a syndicate source.
The yield printed at the tight end of the 5½% to 5¾% yield talk. Earlier guidance was 5¾% to 6¼%.
Credit Suisse Securities (USA) LLC, Barclays, Wells Fargo Securities LLC, BMO Securities, Blackstone, J.P. Morgan Securities LLC and Morgan Stanley & Co. LLC are the joint bookrunners.
The Richmond, Va.-based foodservice distributor plans to use the proceeds to refinance bank debt.
| Issuer: | Performance Food Group, Inc.
|
| Amount: | $350 million
|
| Maturity: | June 1, 2024
|
| Securities: | Senior notes
|
| Bookrunners: | Credit Suisse Securities (USA) LLC, Barclays, Wells Fargo Securities LLC, BMO Securities, Blackstone, J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC
|
| Coupon: | 5½%
|
| Price: | Par
|
| Yield: | 5½%
|
| Spread: | 387 bps
|
| First call: | June 1, 2019 at 102.75
|
| Equity clawback: | 40% at 105.5 until June 1, 2019
|
| Trade date: | May 12
|
| Settlement date: | May 17
|
| Ratings: | Moody's: B2
|
| S&P: BB-
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 5½% to 5¾%
|
| Marketing: | Roadshow
|
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