Recent initial public offerings in the Food & Beverage IPOs category.
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Slide #1. Pinnacle Foods Inc. — Initial Public Offering
Pinnacle Foods Inc.
Price Per Share:
Pinnacle Foods Inc., a leading manufacturer, marketer and distributor of high-quality, branded food products, announced the pricing of its initial public offering of 29,000,000 shares of its common stock at $20 per share. The shares are expected to begin trading on the New York Stock Exchange on March 28, 2013 under the ticker symbol "PF," and the offering is expected to close on April 3, 2013, subject to customary closing conditions. Pinnacle Foods has granted the underwriters a 30-day option to purchase up to an additional 4,350,000 shares at the initial public offering price. Pinnacle Foods will receive net proceeds of approximately $545.2 million after deducting underwriting discounts and commissions, and intends to use the proceeds to reduce debt. Specifically, Pinnacle Foods plans to use a portion of the net proceeds from the offering to redeem $465 million in aggregate principal amount of the 9.25% Senior Notes due 2015, co-issued by its subsidiaries, Pinnacle Foods Finance LLC and Pinnacle Foods Finance Corp., at a redemption price of 100%. Pinnacle Foods intends to use the remaining net proceeds, together with cash on hand, to repay $119 million of the senior secured term loan B facility maturing in April 2014 of Pinnacle Foods Finance LLC.