US food group Pinnacle Foods has priced its initial public offering at the high end of expectations.
The firm priced 29m shares at $20 apiece, at the top end of the $18-to-$20 price range outlined in documents filed with the Securities and Exchange Commission.
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Pinnacle earlier this month said it expected to raise up to US$580m in an IPO. It will receive net proceeds of around $545.2m after deducting underwriting discounts and commissions, and intends to use the proceeds to reduce debt.
In particular, Pinnacle said it plans to use a portion of the net proceeds from the offering to redeem $465m in aggregate principal amount of the 9.25% senior notes due 2015.
Shares will begin today (28 February) on the New York Stock Exchange under the ticker PF.
Blackstone bought Pinnacle for $2.2bn in 2007 and later combined the company with Birds Eye Foods following a $1.3bn acquisition.
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