Michael Foods to price $275 million notes due 2018 on Tuesday

By Paul A. Harris

Portland, Ore., Dec. 10 - Michael Foods Holding, Inc., the parent of Michael Foods Group, Inc., plans to price a $275 million offering of senior PIK toggle notes due 2018 (Caa1/CCC+) on Tuesday, according to a market source.

Goldman Sachs & Co. and Bank of America Merrill Lynch are leading the Rule 144A and Regulation S deal.

Proceeds, together with cash on hand, will be used to pay cash dividends on, and/or make other payments in respect of, the parent's equity interests.

Michael Foods is a Minnetonka, Minn.-based producer and distributor of food products.

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