AdvancePierre to launch $825 million covenant-lite loan Wednesday

By Paul A. Harris

Portland, Ore., Sept. 17 - AdvancePierre Foods has set a bank meeting at 10 a.m. ET on Wednesday for its $825 million 4.75-year covenant-lite term loan, according to market sources.

Deutsche Bank Securities is leading the deal.

Proceeds, in addition to funds from a $150 million asset-based revolver and $450 million of senior notes, will be used to refinance debt and fund a dividend.

AdvancePierre foods is a Cincinnati-based supplier of value-added protein and handheld convenience products to the foodservice, school, retail, club, vending and convenience store channels.

The company was formed in 2010 when Pierre Foods merged with Advance Foods.

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