Pinnacle Foods Completes Successful Repricing of its Term Loan I

Company saves approximately $10 million in interest expense over life of loan

PARSIPPANY, N.J., July 26, 2016 - Pinnacle Foods Inc. (NYSE: PF) today announced the successful repricing of its existing $550 million Term Loan I, issued in connection with the Boulder Brands acquisition earlier this year. The transaction reduced the interest rate spread on the term loan by 25 basis points to LIBOR + 275 basis points. It also lowered the LIBOR floor to 0.0%, which was previously set at 0.75%.

As a result, the Company expects interest savings over the life of the loan, which matures in January of 2023, to total approximately $10 million. Expected interest savings in 2016 are estimated to be less than $1 million. The Company expects to incur approximately $1 million of one-time expenses related to this event, which will be treated as an item affecting comparability.

Commenting on the repricing, Executive Vice President & Chief Financial Officer Craig Steeneck stated, “Amidst an improving interest rate environment, along with strong lender demand, we successfully repriced our term loan related to the Boulder Brands acquisition. This opportunistic repricing will result in significant savings over the life of the loan.”

Bank of America Merrill Lynch acted as arranger for the term loan repricing.

Pinnacle Foods Contact
Maria Sceppaguercio
Sr. Vice President, Investor Relations

About Pinnacle Foods Inc.
In more than 85% of American households, consumers reach for Pinnacle Foods brands. Pinnacle Foods is ranked on Fortune Magazine's 2015 Top 1000 companies list. We are a leading producer, marketer and distributor of high-quality branded food products, which have been trusted household names for decades. Headquartered in Parsippany, NJ, our business employs an average of 5400 employees. Our Duncan Hines Grocery segment manages brands such as Duncan Hines® baking mixes and frostings, Vlasic® and Vlasic Farmer's Garden® shelf-stable pickles, Wish-Bone® and Western® salad dressings, Mrs. Butterworth's® and Log Cabin® table syrups, Armour® canned meats, Brooks® and Nalley® chili and chili ingredients, Duncan Hines® Comstock® and Wilderness® pie and pastry fruit fillings and Open Pit® barbecue sauces. Our Birds Eye Frozen segment manages brands such as Birds Eye®, gardein™, Birds Eye Steamfresh®, C&W®, McKenzie's®, and Freshlike® frozen vegetables, Birds Eye Voila!® complete bagged frozen meals, Van de Kamp's® and Mrs. Paul's® frozen prepared seafood, Hungry-Man® frozen dinners and entrees, Aunt Jemima® frozen breakfasts, Lender's® frozen and refrigerated bagels, and Celeste® frozen pizza. Our Specialty Foods segment manages Tim's Cascade Snacks®, Hawaiian® kettle style potato chips, Erin's® popcorn, Snyder of Berlin® and Husman's® snacks in addition to our food service and private label businesses. The acquisition of Boulder Brands adds well-known brands such as Glutino®, Udi's Gluten Free®, Earth Balance®, EVOL® foods, and Smart Balance® to the Pinnacle Foods portfolio. Further information is available at

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