AdvancePierre to launch first-lien term loan repricing on Tuesday

By Sara Rosenberg

New York, Nov. 28 – AdvancePierre Foods Inc. is set to hold a lender call at 12:30 p.m. ET on Tuesday to launch a repricing of its existing $1,095,000,000 senior secured first-lien term loan due 2023, according to a market source.

Morgan Stanley Senior Funding Inc. and Deutsche Bank Securities Inc. are the joint lead arrangers on the deal.

The company also announced that it is planning on issuing $350 million of senior notes to repay some debt under its existing term loan B.

Pricing on the term loan B is Libor plus 350 basis points with a 1% Libor floor.

AdvancePierre is a Cincinnati-based producer and distributor of ready-to-eat sandwiches, sandwich components and other entrees and snacks to distribution outlets.

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