US sandwich-to-snacks maker AdvancePierre Foods Holdings today (5 July) announced it is launching an initial public offering of common stock in New York that it hopes will raise proceeds in the region of US$220-275m for the company.
In the offering, AdvancePierre is selling around 11m shares of common stock and the selling stockholders are selling 7.51m shares of common stock. The initial public offering price is expected to be between $20 and $23 per share, the company revealed. AdvancePierre will not receive any of the proceeds from the sale of shares of its common stock by the selling stockholders.
AdvancePierre intends to use the net proceeds from the offering to repay a portion of its first lien term loan, the company revealed.
Barclays, Credit Suisse and Morgan Stanley are acting as joint book-running managers for the proposed offering and as representatives of the underwriters. Goldman, Sachs & Co., BMO Capital Markets and Deutsche Bank Securities are also acting as joint book-running managers and BofA Merrill Lynch, Wells Fargo Securities and Houlihan Lokey are acting as co-managers, in each case, for the proposed offering.