AdvancePierre has proposed the sale of millions of shares of the company’s common stock in order to repay a portion of its first lien term loan.
AdvancePierre Foods Holdings Inc. has announced the launch of its initial public offering of shares of the company’s common stock.
In the offering, AdvancePierre is selling 11,090,000 shares of common stock and the selling stockholders are selling 7,510,000 shares of common stock. The initial public offering price is expected to be between $20 and $23 per share. The selling stockholders have granted the underwriters a 30-day option to purchase up to an additional 2,790,000 shares of common stock. AdvancePierre has applied to list its common stock on the New York Stock Exchange under the symbol “APFH.”
AdvancePierre intends to use the net proceeds from the offering to repay a portion of its first lien term loan. AdvancePierre will not receive any of the proceeds from the sale of shares of its common stock by the selling stockholders.
Barclays, Credit Suisse and Morgan Stanley are acting as joint book-running managers for the proposed offering and as representatives of the underwriters. Goldman, Sachs & Co., BMO Capital Markets and Deutsche Bank Securities are also acting as joint book-running managers and BofA Merrill Lynch, Wells Fargo Securities and Houlihan Lokey are acting as co-managers, in each case, for the proposed offering.
The proposed offering will be made only by means of a prospectus. A copy of the preliminary prospectus relating to the proposed offering, when available, may be obtained from the representatives of the underwriters: Barclays, c/o Broadridge Financial Solutions, Attention: Prospectus Department, 1155 Long Island Avenue, Edgewood, N.Y. 11717, by email at [email protected] or by calling 1-888-603-5847; Credit Suisse, Attention: Prospectus Department, One Madison Avenue, New York, N.Y. 10010, by email at [email protected] or by calling 1-800-221-1037; or Morgan Stanley, Attention: Prospectus Department, 180 Varick Street, Second Floor, New York, N.Y. 10014.
A registration statement on Form S-1 relating to these securities has been filed with the U.S. Securities and Exchange Commission, but has not yet become effective. These securities may not be sold, nor may offers to buy be accepted, prior to the time the registration statement becomes effective.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.