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BoA, Merrill Lynch Arranges $225MM Revolver Pinnacle Foods

February 06, 2017, 08:00 AM

Pinnacle Foods Inc. announced that its indirect wholly-owned subsidiary, Pinnacle Foods Finance LLC, completed its previously-announced refinancing of the Company’s senior secured credit facilities, in a transaction that will reduce its annual interest expense and improve its debt maturity profile.

The refinancing was comprised of a new senior secured credit facility, consisting of a $2,262 million term loan due 2024 and a $225 million revolving credit facility due 2022.  Pinnacle Foods used the proceeds from the new term loan, along with $213 million of cash on hand, to repay its existing term loans totaling $2,462 million and pay fees and expenses associated with the refinancing.

Bank of America Merrill Lynch acted as lead arranger for the refinancing, with Barclays, Credit Suisse, Goldman Sachs and Morgan Stanley as additional arrangers.

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