Performance Food Group (PFGC) just unveiled an announcement.
Performance Food Group Company is gearing up for a significant financial move with plans to offer $1.0 billion of Senior Notes due 2032, backed by guarantees from its parent company and subsidiaries, aiming to fund its acquisition of Cheney Bros., Inc. In parallel, the company seeks to amend its existing credit facility to increase its commitments to $5.0 billion and extend its maturity. This strategic financial orchestration is part of a broader set of transactions, including a prior acquisition and the anticipated use of the offering’s proceeds and credit facility borrowings to finance the Cheney Brothers deal. The company also disclosed financials including Cheney Brothers’ $3.3 billion net sales and José Santiago’s $385.6 million, highlighting their robust performance with substantial adjusted EBITDA. These forward-looking initiatives, however, are subject to market conditions and customary risks, underscoring the dynamic nature of corporate finance in the food distribution sector.
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