The Firm recently represented Pinnacle Foods Inc. (“Pinnacle Foods”) and its indirect wholly-owned subsidiary, Pinnacle Foods Finance LLC, in connection with a new senior secured credit facility, consisting of a $1,630 million term loan due 2020 and a $150 million revolving credit facility due 2018, as well as the sale of $350 million aggregate principal amount of 4.875% senior unsecured notes due 2021.
Pinnacle Foods is using the proceeds from both the new term loan and senior unsecured notes to: (i) repay its existing term loan; (ii) complete the planned redemption on May 10, 2013 of all $400 million outstanding principal amount of its 8.25% senior unsecured notes due 2017; and (iii) pay all fees and expenses related to the refinancing.
Pinnacle Foods is a leading manufacturer, marketer and distributor of high-quality, branded food products in North America. Pinnacle Foods’ brands are leaders in many of their respective categories, and Pinnacle Foods holds the #1 or #2 market share position in 10 of the 12 major product categories in which Pinnacle Foods compete.
The Simpson Thacher team included Alden Millard, Brian Gluck and Eric Schulman (Credit), Richard Fenyes, Brian E. Rosenzweig, Sunny Cheong, Miles Chan and John Freese (Capital Markets), Gary Mandel and Andrew Purcell (Tax), David Rubinsky and Jennifer Pepin (Executive Compensation and Employee Benefits), Adeeb Fadil and Noreen Lavan (Environmental) and Marcela Robledo (Intellectual Property).
