Pinnacle Foods Becomes Publicly Traded Company

April 4, 2013

Pinnacle Foods Inc. has announced the successful closing of the company's initial public offering of its common stock. Shares of Pinnacle Foods began trading on the New York Stock Exchange on March 28, 2013, under the ticker symbol PF.

Commenting on the announcement in a prepared statement, Pinnacle Foods Chief Executive Officer Bob Gamgort said, "Becoming a public company has long been a goal of Pinnacle Foods, and we are delighted by the strong support we received from the investment community. By reinvigorating our iconic brands in a business model with margin expansion potential and strong cash flows, we believe we are well positioned to create long-term value for our shareholders. We plan to use all of the proceeds from this offering to reduce debt."

In connection with the offering, the company issued a total of 33,350,000 shares of common stock, including 4,350,000 common shares issued pursuant to the full exercise of the underwriters' option to purchase additional shares. The offering raised proceeds, net of underwriting discounts, of approximately $627 million, all of which will be used, together with cash on hand, to pay down $667 million in outstanding debt. Specifically, the company plans to redeem at par all $465 million in outstanding aggregate principal amount of the 9.25 percent senior notes due 2015 co-issued by certain of the company's subsidiaries and to repay $202 million of the senior secured non-extended term loan b facility, maturing in April 2014, held by a subsidiary of Pinnacle Foods. The number of common shares outstanding, after giving effect to the offering, totals approximately 117.2 million.

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