Pinnacle Foods Inc. (PF) said Wednesday that it has closed its initial public offering of its common stock.
Shares of Pinnacle Foods began trading on the New York Stock Exchange on March 28, 2013, under the ticker symbol PF.
In connection with the offering, the company issued a total of 33.35 million shares of common stock, including 4.35 million common shares issued pursuant to the full exercise of the underwriters' option to purchase additional shares.
The offering raised proceeds, net of underwriting discounts, of about $627 million, all of which will be used, together with cash on hand, to pay down $667 million in outstanding debt.
Specifically, the company plans to redeem at par all $465 million in outstanding aggregate principal amount of the 9.25% Senior Notes due 2015 co-issued by certain of the Company's subsidiaries and to repay $202 million of the Senior Secured Non-extended Term Loan B facility, maturing in April 2014, held by a subsidiary of Pinnacle Foods.
The number of common shares outstanding, after giving effect to the offering, totals about 117.2 million.
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