AdvancePierre Foods plans roadshow for $450 million five-year notes

By Paul A. Harris

Portland, Ore., Sept. 21 - AdvancePierre Foods, Inc. plans to run an investor roadshow during the Sept. 24 week for its $450 million offering of five-year senior notes (Caa1/CCC+), according to a syndicate source.

The deal is expected to price before the end of the week.

Deutsche Bank Securities Inc., Barclays, Credit Suisse Securities (USA) LLC, Morgan Stanley & Co. LLC and BMO Securities are the joint bookrunners.

The Rule 144A with registration rights notes become callable in two years at par plus 75% of the coupon.

The notes also feature a 101% poison put.

The Cincinnati-based supplier of value-added protein and convenience products plans to use the proceeds, together with an $825 million term loan, to refinance debt and fund a sponsor dividend.

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