Wells Fargo Capital Finance Agents $1.4B for Performance Food
Wells Fargo Capital Finance recently acted as left lead joint arranger, bookrunner and administrative agent on a $1.4 billion senior secured revolving credit facility to Performance Food Group. The facility will be used to refinance existing debt and for working capital purposes.
Performance Food Group is the third largest foodservice distributor in the U.S. with customers in all 50 states. The company markets and distributes food and related products across the country to customers in the foodservice or “food-away-from-home” industry, including independent and national chain restaurants, quick-service eateries, pizzerias, theaters, schools, hotels, healthcare facilities, and other institutions via its 64 distribution centers and 12 Merchants’ Mart locations across the United States. It is also a distributor to vending, office coffee service, and theater market channels.
“Performance Food Group wanted to take advantage of favorable markets to fund our growth at a reasonable price,” said George Holm, president and CEO of Performance Food Group. “Wells Fargo has been the lead agent on our asset-based lending facility for ten years, and we are pleased to extend that relationship, on a larger facility, for the next five.”
“We are excited to continue the strong relationship that we have developed with Performance Food Group and we look forward to supporting the company on the many opportunities that lie ahead for the business,” said Guy Fuchs, head of the Corporate Finance Group at Wells Fargo Capital Finance.