Ketchup manufacturer H.J. Heinz has expanded its high-yield bond sale and decided to tighten price guidance as it seeks fund for its acquisition by Berkshire Hathaway and 3G Capital.
H.J. Heinz reveals plans to issue $3.1 billion of second-lien notes. Price for the notes has been revised from 4.50% to 4.25%. The bonds were originally set to refinance a second-lien bridge loan.
Joint books on the deal include JP Morgan, Citigroup, Wells Fargo and Barclays.
Both Brazilian private equity firm 3G Capital and Warren Buffett's Berkshire are bidding to purchase the Ketchup giant in a $72.50 per share deal, combing bonds, equity and loans to finance the acquisition.
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