AdvancePierre Foods talks $350 million eight-year notes to yield 5½%; pricing Friday

By Paul A. Harris

Portland, Ore., Dec. 1 – AdvancePierre Foods Holdings, Inc. talked its $350 million offering of eight-year senior notes (B3/B-) to yield 5½%, according to market sources.

Talk comes tight to initial guidance in the high 5% area, a source said.

Books close at 4:30 p.m. ET on Thursday, except for accounts that have Thursday meetings with the company.

The Rule 144A and Regulation S for life deal is set to price on Friday morning.

Barclays is the lead left bookrunner. Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., Morgan Stanley & Co. LLC and Wells Fargo Securities LLC are the joint bookrunners.

The notes become callable after three years at par plus 75% of the coupon and feature a three-year 40% equity clawback at par plus the coupon and a 101% poison put.

The Cincinnati-based producer and distributor of ready-to-eat sandwiches, entrees and snacks plans to use the proceeds to repay debt under its term loan B.

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