Flowers Foods to repay revolving credit facility with note offering

By Tali David

Minneapolis, March 29 - Flowers Foods, Inc. plans to use the proceeds of its senior note offering to repay long-term debt currently outstanding under its revolving credit facility and the balance of the net proceeds for future acquisitions, general corporate purposes and working capital, according to a 424B5 filed on Wednesday with the Securities and Exchange Commission.

Pending application of the net proceeds of the sale of the notes, the company said it also intends to invest in short-term, interest bearing investments.

As of Dec. 31, there was $225 million outstanding under its revolving credit facility, which is due May 20, 2016.

Flowers is a Thomasville, Ga.-based producer and marketer of packaged bakery foods for retail and foodservice customers.

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