US private-label food maker Ralcorp Holdings said today (11 August) it would launch a note offer to help pay down debt.
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The company, which last week posted a set of mixed third-quarter results, said it would offer the senior notes to qualified institutional buyers.
Last week, Ralcorp said sales and net income were up for the three months to 30 June – but earnings per share down on costs linked to last year’s Post cereals acquisition.
Ralcorp, which makes a range of own-label snacks, sauces and spreads, booked earnings per share of US$1.31, against $1.73 a year earlier.
However, net earnings climbed 63% to $74.8m as net sales jumped 51% thanks to the acquisitions of Post and Harvest Manor Farms and success in pushing through price increases.
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By GlobalDataExcluding the effect of those two acquisitions, Ralcorp admitted sales volumes were “mixed”. Cereals volumes were up 4%, while the group’s sauces and spreads division saw volumes rise 1%. Frozen bakery volumes, however, fell 11%. Snacks volumes were down 3%.
