September 22, 2017 7:26 PM ET

Food Products

Company Overview of Pinnacle Foods Finance LLC

Company Overview

Pinnacle Foods Finance LLC manufactures, markets, and distributes convenience food products. The company operates through four segments: Frozen, Grocery, Boulder, and Specialty. The Frozen segment engages in the retail of frozen brands, including vegetables under the Birds Eye; bagged meals under the Birds Eye Voila! and Birds Eye Signature Skillets; full-calorie single-serve frozen dinners and entrées under the Hungry-Man; prepared seafood under the Van de Kamp's and Mrs. Paul's; pancakes/waffles/French toasts under the Aunt Jemima; frozen and refrigerated bagels under the Lender's; and pizza for one under the Celeste brands. The Grocery segment offers cake/brownie mixes and frostings under...

399 Jefferson Road

Parsippany, NJ 07054

United States



Key Executives for Pinnacle Foods Finance LLC

Chief Executive Officer and Director
Age: 55
Chief Financial Officer, Principal Accounting Officer and Executive Vice President
Age: 59
Executive Vice President and Division President – Duncan Hines Grocery Division
Age: 56
Chief Supply Chain Officer and Executive Vice President
Age: 58
Senior Vice President, General Counsel and Secretary
Age: 65
Compensation as of Fiscal Year 2017.

Pinnacle Foods Finance LLC Key Developments

Pinnacle Foods Finance LLC Enters into the Fifth Amendment to the Second Amended and Restated Credit Agreement

Pinnacle Foods Finance LLC entered into the Fifth Amendment to the Second Amended and Restated Credit Agreement, dated as of April 29, 2013 (as amended by the First Amendment thereto, dated as of October 1, 2013, the Second Amendment thereto, dated as of January 15, 2016, the Third Amendment thereto, dated as of July 19, 2016, and the Fourth Amendment thereto, dated as of July 26, 2016, the Existing Credit Agreement), among the Borrower, Peak Finance Holdings LLC and Barclays Bank PLC, as administrative agent, collateral agent, and swing line lender, to (1) refinance all of the Borrower's outstanding term loans with a new tranche of seven-year term loans in an aggregate principal amount of $2,262,000,000 (New Term Loans), (2) replace the Borrower's existing revolving credit facility with a new five-year $225,000,000 revolving credit facility (the New Revolving Credit Facility and, collectively with the New Term Loans, the New Credit Facilities) and (3) amend and restate the Existing Credit Agreement in its entirety to make certain other amendments and modifications (as so amended and restated, the Third Amended and Restated Credit Agreement). The interest rates applicable to loans under the New Credit Facilities are, at the Borrower's option, equal to either a LIBOR rate or a base rate, plus an applicable margin equal to 2.00% for LIBOR rate loans and 1.00% for base rate loans. The New Credit Facilities are also subject to an interest rate floor of 0.00% for LIBOR rate loans and 1.00% for base rate loans. Unused commitments under the New Revolving Credit Facility are subject to a commitment fee of 0.30% per annum.

Pinnacle Foods Finance LLC Completes Pricing for Previously-Announced Refinancing

Pinnacle Foods Inc. announced that its indirect wholly-owned subsidiary, Pinnacle Foods Finance LLC, completed pricing for the previously-announced refinancing of its senior secured credit facilities, in a significantly oversubscribed transaction that extended the company’s maturity profile and improved its outlook for interest expense beginning in February 2017. Pinnacle priced the new $2,262 million Term Loan B, which matures in February 2024, at LIBOR + 200 basis points (with 0% LIBOR floor) and upsized its revolving credit facility, from $150 million to a new $225 million five-year facility. Pinnacle expects the favorable pricing, along with the anticipated $200 million term loan repayment, to now result in interest expense for 2017 that is modestly above $130 million.

Pinnacle Foods Finance LLC Intends to Launch a Refinancing of its Outstanding Indebtedness Under its Senior Secured Credit Facilities

Pinnacle Foods Inc. announced that its indirect wholly-owned subsidiary, Pinnacle Foods Finance LLC, intends to launch a refinancing of its outstanding indebtedness under its senior secured credit facilities. The proposed refinancing is expected to result in interest expense comparable to or slightly below 2016, despite the impact of the rising interest rate environment on the company’s floating rate debt.  It is also expected to improve the company’s debt maturity profile.

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