Conagra Brands Announces Public Offering Of Common Stock

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The FINANCIAL — Conagra Brands, Inc. announced that it is offering to sell, subject to market and other conditions, $575 million of its common stock through an underwritten public offering.

Conagra Brands also intends to grant the underwriters an option, exercisable for 30 days after the date of the final prospectus supplement, to purchase up to an additional $57.5 million of its common stock.

Conagra Brands intends to use the net proceeds from the offering to finance, in part, its pending acquisition of Pinnacle Foods Inc. (“Pinnacle”). The net proceeds will also fund, in part, the payment of expenses related to the Pinnacle transaction (including retiring certain Pinnacle debt and paying related transaction costs) and the repayment of borrowings under Conagra Brands’ existing term loan facility and commercial paper program. If the acquisition of Pinnacle is not consummated for any reason, Conagra Brands intends to use the net proceeds from the offering for general corporate purposes.

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. A registration statement relating to these securities has been filed with the Securities and Exchange Commission (“SEC”) and is effective. The offering will be made only by means of the prospectus in that registration statement and the related prospectus supplement.


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