Blackstone’s Pinnacle Foods Said to Seek Extension of Term Loans
Blackstone Group LP’s Pinnacle Foods Finance LLC will host a lender call on March 19 to discuss extending the company’s term loans that are due in April 2014, according to a person with knowledge of the transaction.
Barclays Plc is arranging the transaction for the Parsippany, New Jersey-based company, which is also seeking a new $400 million term loan E and a $150 million revolving line of credit, said the person, who declined to be identified because the terms are private.
Blackstone purchased the maker of Duncan Hines cake mixes and Hungry Man frozen dinners for $2.2 billion in 2007 and added Birds Eye Foods Inc. in 2009 for $1.3 billion, according to data compiled by Bloomberg.
Peter Rose, a spokesman for Blackstone, declined to comment.
In a revolving credit facility, money can be borrowed again once it’s repaid; in a term loan it can’t.
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