Performance Food Group Company Announces Intention to offer $350 Million of Senior Notes
Performance Food Group Company (“PFG”) (NYSE:PFGC) announced today that its indirect subsidiary, Performance Food Group, Inc.
(the “Issuer,” and, together with PFG and subsidiaries, the “Company”) intends, subject to market and other conditions, to offer
$350 million aggregate principal amount of Senior Notes due 2024 (the “notes”). The Company intends to use the net proceeds from
the offering to repay all outstanding borrowings under its existing term loan facility and to terminate that facility and may also
temporarily repay a portion of its borrowings under its existing asset-based revolving credit facility. No assurances may be given
that these transactions will be completed on the timeline, in the amount or on the terms presently contemplated by the Company or
at all.
The notes to be offered have not been registered under the Securities Act of 1933, as amended (the “Securities Act”), or any
state securities laws and, unless so registered, may not be offered or sold in the United States except pursuant to an exemption
from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state securities laws.
The notes will be offered, by the initial purchasers, only to persons reasonably believed to be qualified institutional buyers in
reliance on Rule 144A under the Securities Act and non-U.S. persons in transactions outside the United States in reliance on
Regulation S under the Securities Act.
This press release is being issued pursuant to Rule 135(c) under the Securities Act, and it is neither an offer to sell nor a
solicitation of an offer to buy any securities and shall not constitute an offer to sell or a solicitation of an offer to buy, or a
sale of any securities in any jurisdiction in which such offer, solicitation or sale is unlawful.
About Performance Food Group Company
Through its family of leading foodservice distributors – Performance Foodservice, Vistar and PFG Customized – Performance Food
Group Company (PFG) markets and distributes approximately 150,000 food and food-related products from 69 distribution centers to
over 150,000 customer locations across the United States. PFG’s 12,000+ associates serve a diverse mix of customers, from
independent and chain restaurants to schools, business and industry locations, hospitals, vending distributors, office coffee
service distributors, big box retailers, and theaters. The company sources its products from more than 5,000 suppliers and serves
as an important partner to its suppliers by providing them access to the company's broad customer base. For more information, visit
www.pfgc.com.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as
amended (the “Securities Act”) and Section 21E of the Securities Exchange Act of 1934. These statements include, but are not
limited to, all statements that do not relate solely to historical or current facts. You can identify these forward-looking
statements by the use of words such as “outlook,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,”
“could,” “seeks,” “projects,” “predicts,” “intends,” “plans,” “estimates,” “anticipates” or the negative version of these words or
other comparable words.
Such forward-looking statements are subject to various risks and uncertainties, including but not limited to the factors
discussed under the section entitled “Risk Factors” in PFG’s prospectus dated October 1, 2015, filed with the Securities and
Exchange Commission (the “SEC”) pursuant to Rule 424(b) of the Securities Act on October 2, 2015, as such factors may be updated
from time to time in our periodic filings with the SEC, which are accessible on the SEC’s website at www.sec.gov, could cause actual future results to differ materially from those expressed in any
forward-looking statements.
Any forward-looking statement, including any contained herein, speaks only as of the time of this release and we do not
undertake to update or revise them as more information becomes available or to disclose any facts, events, or circumstances after
the date of this release that may affect the accuracy of any forward-looking statement, except as required by law.
Performance Food Group Company
Investor Contact:
Michael Neese
Vice President, Investor Relations
804-287-8126
michael.neese@pfgc.com
or
Media Contact:
Joe Vagi
Manager, Corporate Communications
804-839-4995
joe.vagi@pfgc.com
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