SECURITIES AND EXCHANGE COMMISSION
FORM i 8-K
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
i July 26, 2021Performance Food Group Company
(Exact name of Registrant as Specified in Its Charter)
|
i Delaware
|
|
i 43-1983182
|
|
(State or Other Jurisdiction of Incorporation)
|
(Commission File Number)
|
(IRS Employer Identification No.)
|
|
i 12500 West Creek Parkway
i Richmond, i Virginia
|
|
i 23238
|
|
(Address of Principal Executive Offices)
|
|
(Zip Code)
|
Registrant’s Telephone Number, Including Area Code: (
i 804)
i 484-7700
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of
the registrant under any of the following
provisions (see General Instructions A.2. below):
| i ☐ |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
|
| i ☐ |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
|
| i ☐ |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange
Act (17 CFR 240.14d-2(b))
|
| i ☐ |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange
Act (17 CFR 240.13e-4(c))
|
Securities registered pursuant to Section 12(b) of the Act:
|
Title of each class
|
Trading Symbol(s)
|
Name of each exchange on which registered
|
|
i Common Stock, $0.01 par value
|
i PFGC
|
i New York Stock Exchange
|
Indicate by check mark whether
the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule
12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company i ☐
If an emerging growth company, indicate by check mark if
the registrant has elected not to use the extended transition period for complying with any new or revised
financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
| ITEM 1.01. |
Entry into a Material Definitive Agreement.
|
On
July 26, 2021, Performance Food Group, Inc. (the
“Issuer”), an indirect wholly-owned subsidiary of Performance Food Group Company (
“PFG”), issued
and sold $1.0 billion aggregate principal amount of its 4.250% Senior Notes due 2029 (the
“Notes”), which mature on
August 1, 2029, pursuant to an
indenture dated as of
July 26, 2021, by and between the Issuer, the guarantors party thereto and U.S.
Bank National Association, as trustee. The Notes were sold within the United States only to qualified institutional buyers in reliance on Rule 144A under the Securities Act of 1933, as amended (the
“Securities Act”), and outside the United States
to non-U.S. persons in reliance on Regulation S under the Securities Act.
PFG intends to use the net proceeds of the offering, along with borrowings from its ABL Facility, to finance the cash consideration payable in
connection with PFG’s previously announced acquisition of Core-Mark Holding Company, Inc. (the “Acquisition”), redeem the 5.500% Senior Notes due 2024 and pay related fees and expenses.
If the Acquisition is not consummated, the Issuer will be required to redeem the Notes at a price equal to 100% of the issue price
of the Notes plus accrued and unpaid interest, if any, to, but not including, the redemption date.
The Notes were issued at 100.0% of their par value. The Notes bear interest at a rate of 4.250% per year, payable semi-annually in arrears. The Notes
are and will be guaranteed by PFGC, Inc. (
“PFGC”) and all of the Issuer’s existing and future material wholly-owned domestic restricted
subsidiaries, to the extent such
subsidiaries guarantee indebtedness under the Issuer’s asset-based lending
facility, the Issuer’s other capital markets debt securities or certain of the Issuer’s other indebtedness incurred under credit facilities. The Notes are not, and will not be, guaranteed by PFG.
Upon the occurrence of a change of control triggering event or upon the sale of certain assets in which the Issuer does not apply the proceeds as
required, the holders of the Notes will have the right to require the Issuer to make an offer to repurchase each holder’s Notes at a price equal to 101% (in the case of a change of control triggering event) or 100% (in the case of an asset sale) of
their principal amount, plus accrued and unpaid interest, if any, to, but not including, the repurchase date.
At any time prior to
August 1, 2024, the Issuer may redeem all or a part of the Notes at a redemption price equal to 100% of the principal amount of
the Notes being redeemed plus a make-whole premium and accrued and unpaid interest, if any, to, but not including, the redemption date. The Issuer may redeem the Notes, in whole or in part, at any time on or after
August 1, 2024 at redemption
prices equal to 102.125%, 101.063% and 100.000% of the principal amount of the Notes redeemed if the redemption occurs during the twelve-month periods beginning on August 1 of the years 2024, 2025 and 2026, respectively, in each case plus accrued
and unpaid interest, if any, thereon to, but not including, the applicable redemption date. In addition, prior to
August 1, 2024, the Issuer may redeem up to 40% of the aggregate principal amount of the Notes at a redemption price equal to 104.250%
of the aggregate principal amount of the Notes redeemed, plus accrued and unpaid interest, if any, to, but not including, the redemption date, with the net cash proceeds the Issuer receives from one or more qualifying equity offerings.
The Notes contain covenants that limit PFGC and its restricted
subsidiaries’ ability to incur or guarantee additional debt or issue disqualified stock
or preferred stock; pay dividends and make other distributions on, or redeem or repurchase, capital stock; make certain investments; incur certain liens; enter into transactions with affiliates; consolidate, merge, sell or otherwise dispose of all
or substantially all of its assets; create certain restrictions on the ability of PFGC’s restricted
subsidiaries to make dividends or other payments to PFGC; designate restricted
subsidiaries as unrestricted
subsidiaries; and transfer or sell
certain assets. These covenants are subject to a number of important exceptions and qualifications. The Notes also provide for certain customary events of default which, if any of them occurs, would permit or require the principal of and accrued
interest on the Notes to become or be declared due and payable.
| ITEM 2.03. |
Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
|
| ITEM 9.01. |
Financial Statements and Exhibits.
|
(d) Exhibits
|
|
|
|
| |
|
|
|
|
|
Indenture, dated as of July 26, 2021, by and between Performance Food Group, Inc., the guarantors party thereto and U.S. Bank National Association, as trustee.
|
|
|
|
Form of 4.250% Senior Notes due 2029 (included in Exhibit 4.1). |
104
|
|
Cover page Interactive Data File (embedded within Inline
XBRL document) |
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
| |
PERFORMANCE FOOD GROUP COMPANY
|
| |
|
|
|
By:
|
|
| |
|
|
| |
|
Title: Senior Vice President, General Counsel and Secretary
|
