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Pinnacle Foods’s $2.3 Billion of Credit Facilities

Cravath represented the borrower, Pinnacle Foods Finance LLC, in connection with the arrangement of approximately $2.3 billion of credit facilities, arranged by a syndicate of banks led by Merrill Lynch, Pierce, Fenner & Smith Incorporated. The facilities included an $800 million term loan A facility, a $1.239 billion term loan B facility and a $300 million revolving credit facility. The term loan facilities will be used to repay existing indebtedness. The revolving credit facility will be used for working capital, capital expenditures and other general corporate purposes. Pinnacle Foods Finance LLC is an indirect, wholly owned subsidiary of Pinnacle Foods Inc., a leading manufacturer, marketer and distributor of high quality, branded convenience food products. The transaction closed on March 15, 2018.

The Cravath team included partner Craig F. Arcella and associate Jessie Chiang on banking matters, and associate Andrew L. Mandelbaum on tax matters. Vardhman Shankar also worked on banking matters.