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Name | Symbol | Market | Type |
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Barclays PLC | NYSE:BCS | NYSE | Depository Receipt |
Price Change | % Change | Price | High Price | Low Price | Open Price | Traded | Last Trade | |
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0.015 | 0.15% | 10.265 | 10.29 | 10.155 | 10.19 | 14,814,794 | 20:31:02 |
AdvancePierre Foods Holdings Inc. said its initial public offering of 18.6 million shares priced at $21 each.
Last week, the Cincinnati company said it expected a price range of $20 to $23.
AdvancePierre, with revenue of $1.61 billion last year, provides items including breakfast sandwiches, hamburgers, stuffed pockets and sandwich components. Last year, food-service customers accounted for 55% of its sales.
AdvancePierre, which sold 11.1 million of the shares, will use the proceeds to repay part of its first-lien term loan. Stockholders including Oaktree Capital Management LP sold 7.5 million shares.
Oaktree became the majority owner of Pierre Foods Inc. when it emerged from bankruptcy in 2008. Pierre merged with Advance Food Co. and Advance Brands in September 2010.
Last year, the company bought the wholesale and manufacturing operations of Landshire Inc. and the manufacturing assets of Better Bakery.
S&P Global Ratings said in May that the company's pricing discipline and product mix have helped it improve profitability and reduce exposure to volatile commodity costs.
Barclays, Credit Suisse and Morgan Stanley are joint book-running managers for the IPO.
Write to Josh Beckerman at josh.beckerman@wsj.com
(END) Dow Jones Newswires
July 14, 2016 21:15 ET (01:15 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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