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US FOODS ANNOUNCES PRIVATE OFFERING OF $800 MILLION OF
SENIOR SECURED NOTES
ROSEMONT, Ill. (BUSINESS WIRE) April 22, 2020 US Foods Holding Corp. (NYSE: USFD) today announced the commencement of a private offering (the Offering) of $800 million aggregate principal amount of senior secured notes due 2025 (the Notes) by its direct, wholly-owned subsidiary, US Foods, Inc. (US Foods), subject to market and other conditions.
US Foods intends to use the net proceeds of the Offering for general corporate purposes, including to repay $400 million of senior secured term loans it intends to borrow on April 24, 2020 to fund a portion of the purchase price for the previously announced acquisition of Smart Stores Holdings Corp.
The Notes and the guarantees thereof will be offered in a private offering exempt from the registration requirements of the Securities Act of 1933, as amended (the Securities Act). The Notes and the guarantees thereof will be offered only to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act and to non-U.S. persons outside the United States in reliance on Regulation S under the Securities Act.
The Notes and the guarantees thereof have not been registered under the Securities Act and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and applicable state laws.
This press release does not constitute an offer to sell, or the solicitation of an offer to buy, the Notes, nor shall there be any sale of the Notes 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. No assurance can be made that the Offering will be consummated on its proposed terms or at all.
Statements in this press release which are not historical in nature are forward-looking statements within the meaning of the federal securities laws, including statements regarding the Offering and the intended use of the proceeds thereof. These statements often include words such as believe, expect, project, anticipate, intend, plan, outlook, estimate, target, seek, will, may, would, should, could, forecast, mission, strive, more, goal, or similar expressions and are based upon various assumptions and our experience in the industry, as well as historical trends, current conditions, and expected future developments. However, you should understand that these statements are not guarantees of performance or results and there are a number of risks, uncertainties and other factors that could cause our actual results to differ materially from those expressed in the forward-looking statements, including, among others, cost inflation/deflation and commodity volatility; competition; reliance on third party
The following information was filed by Us Foods Holding Corp. (USFD) on Thursday, April 23, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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