AdvancePierre Foods launches secondary offering

US-based sandwich producer and distributor AdvancePierre Foods has announced that some of its stockholders intend to sell 12.5 million shares of its common stock in an underwritten secondary offering.

A number of the selling stockholders have also granted the underwriters a 30-day option to purchase up to 1.875 million additional shares of common stock.

The selling stockholders, including Oaktree Capital Management and members of AdvancePierre’s management, will receive all of the proceeds of the offering. The company explained that it is not offering any shares of its common stock in the offering and will not receive any proceeds.

Financial institutions such as Morgan Stanley, Credit Suisse and Barclays will be acting as joint lead book-running managers for the proposed offering, and representatives of the underwriters.

In addition, Deutsche Bank Securities, BMO Capital Markets, Goldman, Sachs and Wells Fargo Securities are also acting as joint book-running managers for the proposed offering.

A registration statement on Form S-1 relating to the shares of common stock being offered by the selling stockholders has been filed with the US Securities and Exchange Commission.

AdvancePierre Foods offers a wide range of products such as breakfast sandwiches, peanut butter and jelly sandwiches and hamburgers, as well as sandwich components.