Shearer's Foods upsizes seven-year notes to $215 million, tightens yield talk to 9% area

By Paul A. Harris

Portland, Ore., Oct. 23 - Shearer's Foods Inc. slightly upsized its offering of seven-year senior secured notes (B3/expected B) to $215 million from $210 million on Tuesday, according to a market source.

The company also revised the yield talk, tightening it to 9% are from 9¼% area.

The deal is set to price on Wednesday.

BMO Securities, Barclays and KeyBanc Capital Markets are the lead managers.

The notes come with three years of call protection.

Proceeds will be used to fund the acquisition of the company by Wind Point Partners and the Ontario Teachers' Pension Plan from Mistral Equity Partners.

Shearer's Foods is a Brewster, Ohio-based producer and distributor of contract pack and private label seasoned snack foods.

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