Published on 1/21/2016 in the Prospect News High Yield Daily.
New Issue: TreeHouse Foods sells $775 million eight-year notes at par to yield 6%
By Paul A. Harris
Portland, Ore., Jan. 21 – TreeHouse Foods, Inc. priced a $775 million issue of eight-year senior notes (Ba3/BB) at par to yield 6% on Thursday, according to a syndicate source.
The yield printed at the tight end of the 6% to 6¼% yield talk, market sources said.
BofA Merrill Lynch was the left bookrunner for the quick-to-market deal. J.P. Morgan Securities LLC, Wells Fargo Securities LLC, BMO Securities and SunTrust Robinson Humphrey Inc. were the joint bookrunners.
The Oak Brook, Ill.-based consumer packaged food and beverage manufacturer plans to use the proceeds to fund its acquisition of the private brands business of ConAgra Foods Inc.
| Issuer: | TreeHouse Foods, Inc.
|
| Amount: | $775 million
|
| Maturity: | Feb. 15, 2024
|
| Securities: | Senior notes
|
| Left bookrunner: | BofA Merrill Lynch
|
| Joint bookrunners: | J.P. Morgan Securities LLC, Wells Fargo Securities LLC, BMO Securities, SunTrust Robinson Humphrey Inc.
|
| Co-managers: | Barclays, KeyBanc Capital Markets, Rabo Securities
|
| Coupon: | 6%
|
| Price: | Par
|
| Yield: | 6%
|
| Spread: | 412 bps
|
| Call protection: | Non-callable before Feb. 15, 2019
|
| Trade date: | Jan. 21
|
| Settlement date: | Jan. 29
|
| Ratings: | Moody's: Ba3
|
| Standard & Poor's: BB
|
| Distribution: | Rule 144A for life/Regulation S
|
| Price talk: | 6% to 6¼%
|
| Marketing: | Quick to market
|
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