Pinnacle Foods Inc. Completes Previously-Announced Refinancing

PARSIPPANY, N.J., Feb. 03, 2017 -- Pinnacle Foods Inc. (NYSE:PF) announced today that its indirect wholly-owned subsidiary, Pinnacle Foods Finance LLC, completed its previously-announced refinancing of the Company’s senior secured credit facilities, in a transaction that will reduce its annual interest expense and improve its debt maturity profile. 

The refinancing was comprised of a new senior secured credit facility, consisting of a $2,262 million term loan due 2024 and a $225 million revolving credit facility due 2022.  Pinnacle Foods used the proceeds from the new term loan, along with $213 million of cash on hand, to repay its existing term loans totaling $2,462 million and pay fees and expenses associated with the refinancing. 

Bank of America Merrill Lynch acted as lead arranger for the refinancing, with Barclays, Credit Suisse, Goldman Sachs and Morgan Stanley as additional arrangers.

FORWARD-LOOKING STATEMENTS
This press release may contain statements that predict or forecast future events or results, depend on future events for their accuracy or otherwise contain “forward looking statements.” Such forward-looking statements only speak as of the date of this press release and we assume no obligation to update the information included in this press release, except as required by applicable law. Such forward-looking statements include information concerning our possible or assumed future results of operations. These statements often include words such as “approximate,” “believe,” “expect,” “anticipate,” “intend,” “plan,” “estimate,” “forecast,” “may,” “should” or variations of such words or similar expressions. These forward-looking statements are not historical facts, and are based on current expectations, estimates and projections about our industry, management’s beliefs and certain assumptions made by management, many of which, by their nature, are inherently uncertain and beyond our control. Accordingly, readers are cautioned that any such forward-looking statements are not guarantees of future performance and are subject to certain risks, uncertainties and assumptions that are difficult to predict, including but not limited to the risks and uncertainties detailed in our Form 10-K filed with the Securities and Exchange Commission on February 25, 2016. Although we believe that the expectations reflected in such forward-looking statements are reasonable as of the date made, expectations may prove to have been materially different from the results expressed or implied by such forward-looking statements. Unless otherwise required by applicable law, we disclaim any obligation to update our view of any such risks or uncertainties or to announce publicly the result of any revisions to the forward-looking statements made in this press release.

ABOUT PINNACLE FOODS INC.
In more than 85% of American households, consumers reach for Pinnacle Foods brands. Pinnacle Foods is ranked on Fortune Magazine's 2015 Top 1000 companies list. We are a leading producer, marketer and distributor of high-quality branded food products, which have been trusted household names for decades. Headquartered in Parsippany, NJ, our business employs an average of 5400 employees. Our Duncan Hines Grocery segment manages brands such as Duncan Hines® baking mixes and frostings, Vlasic® and Vlasic Farmer's Garden® shelf-stable pickles, Wish-Bone® and Western® salad dressings, Mrs. Butterworth's® and Log Cabin® table syrups, Armour® canned meats, Brooks® and Nalley® chili and chili ingredients, Duncan Hines® Comstock® and Wilderness® pie and pastry fruit fillings and Open Pit® barbecue sauces. Our Birds Eye Frozen segment manages brands such as Birds Eye®, gardein™, Birds Eye Steamfresh®, C&W®, McKenzie's®, and Freshlike® frozen vegetables, Birds Eye Voila!® complete bagged frozen meals, Van de Kamp's® and Mrs. Paul's® frozen prepared seafood, Hungry-Man® frozen dinners and entrees, Aunt Jemima® frozen breakfasts, Lender's® frozen and refrigerated bagels, and Celeste® frozen pizza. Our Specialty Foods segment manages Tim's Cascade Snacks®, Hawaiian® kettle style potato chips, Erin's® popcorn, Snyder of Berlin® and Husman's® snacks in addition to our food service and private label businesses. The acquisition of Boulder Brands adds well-known brands such as Glutino®, Udi's Gluten Free®, Earth Balance®, EVOL® foods, and Smart Balance® to the Pinnacle Foods portfolio.  Further information is available at www.pinnaclefoods.com. 

CONTACT 
Maria Sceppaguercio
Senior Vice President, Investor Relations
973-541-8629