Performance Food Group Company (PFG) has announced its intention to offer $1.06 billion of senior notes due 2034. The company plans to use the net proceeds from this offering, along with borrowings under its revolving credit facility, to redeem all of its outstanding 5.500% senior notes due 2027, inclusive of paying related fees and expenses.
PFG's offering includes senior notes that have not been registered under the Securities Act of 1933 or any state securities laws. These notes will be offered to qualified institutional buyers and non-U.S. persons in transactions outside the United States.
PFG is a leading food and foodservice distribution company in North America with over 150 locations. The company markets and delivers quality food and related products to more than 300,000 locations, including independent and chain restaurants, businesses, schools, healthcare facilities, vending and office coffee service distributors, big box retailers, theaters, convenience stores, and direct consumers.
PFG's success as a Fortune 100 company is attributed to its approximately 43,000 dedicated associates committed to building strong relationships with valued customers, suppliers, and communities.
The announcement reflects PFG's strategic decision to manage its financial obligations and optimize its capital structure. The market has reacted to these announcements by moving the company's shares 0.8% to a price of $97.61. For more information, read the company's full 8-K submission here.
