Convenience foods producer and marketer Pinnacle Foods. has announced the determination of the pricing for its previously announced tender offer to purchase any and all of its outstanding 8.25% Senior Subordinated Notes due 2013.
The tender offer and related solicitation of consents relate to the previously announced agreement by Peak Acquisition, part of The Blackstone Group, to merge with Crunch Holding, which owns Pinnacle.
The total consideration for the notes was determined as of 11:00am, New York City time, on 22 March, 2007, using the bid-side yield of the 4.75% US Treasury Note due 31 December, 2008 plus a fixed spread of 50 basis points and based on the Scheduled Initial Payment Date, as defined in the Offer to Purchase, of 2 April, 2007. The yield on the Reference Security was 4.595% and the tender offer yield was 5.095%. Accordingly, the total consideration, excluding accrued and unpaid interest, for each US$1,000 principal amount of notes validly tendered and not withdrawn at or prior to 5:00pm, New York City time, on 21 March, 2007 is $1,087.55.
In addition, Pinnacle Foods announced that approximately $393.33m of outstanding notes, or approximately 99.83% of the aggregate principal amount of notes outstanding, had been validly tendered and not withdrawn on or prior to the consent date.
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