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Performance Food Group Company ("PFG") (NYSE:PFGC) announced today that its indirect wholly-owned subsidiary, Performance Food Group, Inc. (the "Issuer"), intends, subject to market and other conditions, to offer $1.0 billion aggregate principal amount of Senior Notes due 2032 (the "notes"). PFG intends to use the net proceeds from the offering, together with borrowings under its revolving credit facility, to finance the cash consideration payable in connection with PFG's previously announced proposed acquisition of Cheney Bros, Inc. (the "Cheney Brothers Acquisition") and to pay related fees and expenses. Pending such uses, the net proceeds may be temporarily used for general corporate purposes, including repayment of borrowings under its revolving credit facility.
The notes will be guaranteed by PFGC, Inc., the Issuer's direct parent company ("Parent"), and each of Parent's existing and future material wholly-owned domestic restricted subsidiaries, subject to certain exceptions. The closing of the offering is not conditioned on the closing of the Cheney Brothers Acquisition.
Posted In: PFGC
