AdvancePierre Foods sets roadshow for $350 million eight-year notes

By Paul A. Harris

Portland, Ore., Nov. 28 – AdvancePierre Foods Holdings, Inc. plans to start a roadshow on Tuesday in New York for a $350 million offering of eight-year senior notes (expected ratings B3/B-), according to a market source.

The roadshow moves to Boston on Wednesday, to Los Angeles on Thursday and to San Francisco on Friday, and the Rule 144A and Regulation S for life offering is set to price thereafter.

Initial guidance has the deal coming with a yield in the high 5% area, a trader said.

Barclays is the lead left bookrunner. Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., Morgan Stanley & Co. LLC and Wells Fargo Securities LLC are the joint bookrunners.

The notes become callable after three years at par plus 75% of the coupon and feature a three-year 40% equity clawback at par plus the coupon and a 101% poison put.

The Cincinnati-based producer and distributor of ready-to-eat sandwiches, entrees and snacks plans to use the proceeds to repay debt under its term loan B.

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