New Issue: TreeHouse Foods prices $400 million eight-year notes at par 4 7/8%

By Paul A. Harris

Portland, Ore., Feb. 25 - TreeHouse Foods, Inc. priced a $400 million issue of eight-year senior notes (Ba2/BB/) at par to yield 4 7/8% on Tuesday, according to a syndicate source.

The yield printed at the tight end of yield talk in the 5% area.

BofA Merrill Lynch was the left bookrunner for the quick-to-market deal. J.P. Morgan Securities LLC, Wells Fargo Securities LLC, BMO Capital Markets Corp. and SunTrust Robinson Humphrey Inc. were the joint bookrunners.

The Oak Brook, Ill.-based food manufacturer plans to use the proceeds, along with draws on its revolver, to fund the tender offer for all $400 million of its 7¾% senior notes due 2018.

Issuer:	TreeHouse Foods, Inc.
Amount:	$400 million
Maturity:	March 15, 2022
Securities:	Senior notes
Left bookrunner:	BofA Merrill Lynch
Joint bookrunners:	J.P. Morgan Securities LLC, Wells Fargo Securities LLC, BMO Capital Markets Corp., SunTrust Robinson Humphrey Inc.
Co-managers:	Barclays, KeyBanc Capital Markets Inc.
Coupon:	4 7/8%
Price:	Par
Yield:	4 7/8%
Spread:	250 bps
First call:	March 15, 2017 at 103.656
Trade date:	Feb. 25
Settlement date:	March 11
Ratings:	Moody's: Ba2
	Standard & Poor's: BB
Distribution:	SEC registered
Price talk:	5% area
Marketing:	Quick to market

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