AdvancePierre Foods intends to sell $450 million senior notes

By Paul A. Harris

Portland, Ore., Sept. 17 - AdvancePierre Foods plans to sell $450 million of senior notes, according to market sources.

The company is also in the market with an $825 million term loan, which is being led by Deutsche Bank Securities Inc. and is set to launch at a bank meeting on Wednesday.

Proceeds, in addition to proceeds from a $150 million asset-based revolver, 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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