Advance Pierre Foods' $1 billion of term loans, ABL revolver to be post-Labor Day business

By Sara Rosenberg

New York, July 28 - Advance Pierre Foods is expected to hold a bank meeting in September to launch its proposed credit facility that will include about $1 billion of first- and second-lien term loan debt and an ABL revolver, according to a market source.

Credit Suisse, Barclays Capital, Morgan Stanley and BMO Capital Markets are the lead banks on the deal, with Credit Suisse the left lead.

The facility is being obtained in connection with the creation of the company through the merger of Pierre Foods Inc., Advance Food Co. Inc. and Advance Brands LLC.

The transaction is expected to close within the next two months, subject to customary closing conditions.

Following completion of the merger, Oaktree Capital Management, the current majority shareholder of Pierre Foods, will maintain a majority share of the combined company. The current shareholders of Advance Food, the Allen and McLaughlin Families, will own a minority share of the combined company.

Advance Pierre Foods will be a Cincinnati-based supplier of value-added protein and handheld convenience food products to the foodservice, school, retail, club, vending and convenience store channels.

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