Performance Food Group Company (“PFG”) (NYSE: PFGC) announced that its indirect wholly-owned subsidiary, Performance Food Group, Inc. (the “Issuer”), has priced its previously announced offering of $1 billion in aggregate principal amount of 6.125% Senior Notes due 2032 (the “notes”). The offering is expected to close on September 12, 2024, subject to customary closing conditions. PFG plans to use the net proceeds, along with borrowings under its revolving credit facility, to fund the cash consideration for its proposed acquisition of Cheney Bros, Inc. (“Cheney Brothers Acquisition”) and cover related fees and expenses. Until then, the funds may be temporarily used for general corporate purposes, such as repaying borrowings under its revolving credit facility.
The notes will be guaranteed by PFGC, Inc., the direct parent company of the Issuer (“Parent”), along with Parent’s existing and future material wholly-owned domestic restricted subsidiaries, subject to certain exceptions. Completion of the offering is not dependent on the closing of the Cheney Brothers Acquisition.
The notes have not been registered under the Securities Act of 1933, as amended (the “Securities Act”), or any state securities laws. As such, they may not be offered or sold in the U.S. unless exempt from or not subject to these registration requirements. The notes will be offered only to qualified institutional buyers under Rule 144A of the Securities Act and to non-U.S. persons in transactions outside the U.S. under Regulation S of the Securities Act.
This announcement is issued under Rule 135(c) of the Securities Act and does not constitute an offer to sell or a solicitation of an offer to buy any securities, nor does it represent a sale of securities in any jurisdiction where such activities would be illegal.
About Performance Food Group Company
Performance Food Group is an industry leader and one of the largest food and foodservice distribution companies in North America with more than 150 locations. Founded and headquartered in Richmond, Virginia, PFG and our family of companies market and deliver quality food and related products to over 300,000 locations including independent and chain restaurants; businesses, schools and healthcare facilities; vending and office coffee service distributors; and big box retailers, theaters and convenience stores. PFG’s success as a Fortune 100 company is achieved through approximately 37,000 dedicated associates committed to building strong relationships with the valued customers, suppliers and communities we serve.
