TreeHouse Foods to issue $400 million of 8-year bonds

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Private label packaged foods maker TreeHouse Foods Inc. said Tuesday it is planning to offer $400 million in senior unsecured notes that mature in 2028 in an underwritten offering. Proceeds to will be used to redeem all of the $375.9 million in 4.875% notes due 2022, as well as for general corporate purposes. J.P. Morgan, BofA, Wells Fargo and BMO are joint book-running managers on the deal. TreeHouse is joining the many companies issuing record levels of debt during the pandemic to bolster their liquidity positions. Shares were slightly higher premarket but have fallen about 10% in the year to date, while the S&P 500 has gained 6%.
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