Fiesta Purchaser pre-marketing $500 million secured notes backing CD&R buyout of Shearer’s Foods

By Paul A. Harris

Portland, Ore., Jan. 23 – Fiesta Purchaser, Inc. is pre-marketing a $500 million offering of senior secured notes backing the buyout of Shearer’s Foods by Clayton Dubilier & Rice, LLC from Ontario Teachers' Pension Plan Board, according to a market source.

The notes are part of a $1.72 billion debt package coming in support of the leveraged buyout, with some proceeds earmarked to repay Shearer’s debt.

The buyout was announced on Dec. 13, 2023, although the terms of the deal were not disclosed.

Deutsche Bank Securities Inc., UBS Investment Bank, BMO Capital Markets Corp, BNP Paribas, RBC Capital Markets LLC and TD Securities provided financing and served as financial advisers to CD&R. Blue Owl Capital Inc. and Goldman Sachs Bank USA provided financing to CD&R.

Debevoise & Plimpton LLP served as legal adviser to CD&R. Goldman Sachs & Co. LLC served as exclusive financial adviser and Kirkland & Ellis served as legal adviser to Shearer’s.

Shearer’s Foods is a Massillon, Ohio-based supplier to the snack industry.

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