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Conagra Brands announces $575M common stock offering

U.S.-based packaged foods and meat producer Conagra Brands Inc. said Oct. 9 that it is offering to sell its common stock worth $575 million through an underwritten public offering.

The company has also granted the underwriters a 30-day option to buy up to an additional $57.5 million of its common stock.

The food company expects to use a portion of the proceeds from the offering to finance the acquisition of Pinnacle Foods Inc. as well as the payment of expenses related to the Pinnacle transaction.

The proceeds will also be used for repayment of borrowings under company's existing term loan facility and commercial paper program.

The company will use the net proceeds from the offering for general corporate purposes in case the acquisition of Pinnacle is not completed.

Goldman Sachs & Co. LLC, BofA Merrill Lynch and J.P. Morgan are acting as joint book-running managers and representatives of the underwriters for the offering.

Mizuho Securities is also acting as a joint book-running manager for the offering.