Advance Pierre details $1.14 billion facility; launch expected Sept. 6 week

By Sara Rosenberg

New York, Aug. 23 - Advance Pierre Foods released tranching details on its proposed $1.14 billion credit facility, and the deal is anticipated to launch with a bank meeting during the week of Sept. 6, 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 consists of a $75 million ABL revolver, an $835 million first-lien term loan and a $230 million second-lien term loan, the source said.

Previously, all that was known on structure was that there would be about $1 billion of first- and second-lien term loan debt and an ABL revolver.

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.

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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