AdvancePierre Foods pulls notes offering, shifts $450 million of planned proceeds to bank deal

By Paul A. Harris

Portland, Ore., Sept. 27 - AdvancePierre Foods, Inc. withdrew its $450 million offering of five-year senior notes (Caa1/CCC+) from the market on Thursday and shifted the proceeds to its credit facilities, according to a market source.

The proceeds were shifted to a new $350 million second-lien term loan and a $100 million upsizing of its first-lien term loan, to $925 million from $825 million.

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

The Cincinnati-based supplier of value-added protein and convenience products is in the leverage markets to refinance debt and fund a sponsor dividend.

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