Fresh Market Holdings Files for IPO to Repay Debt

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The Fresh Market Holdings (TFM) has filed an amended filing for its proposed initial public offering to raise funds to help pay off the debt.

The specialty food retailer did not specify in its S1-A filing the size and price of the offering. The company plans to list its shares on Nasdaq under the symbol TFM.

The company first filed for an IPO in July 2021. At the time, it announced that it planned to raise $100 million, a figure that was likely a placeholder and subject to change.

Underwriters to the deal include Credit Suisse, BofA Securities, Barclays, BMO Capital Markets, Deutsche Bank Securities, Apollo Global Securities, RBC Capital Markets and Guggenheim Securities.

The Fresh Market said it plans to use the net proceeds of the deal to repay debt, including its 9.75% senior secured notes with a May 2023 maturity date and its secured notes super senior floating rate bonds with a March 2025 maturity date. The company said affiliates of the deal’s underwriters may own some of the securities.

Based in North Carolina, The Fresh Market operates 159 stores in 22 states. The retailer specializes in fresh perishables and ready meals.

For the 39 weeks ended Oct. 31, 2021, the company reported net income of $7.3 million on revenue of $1.4 billion.

For a more in-depth look at The Fresh Market, check out “Fresh Market Seeks IPO to Pay Down Debt” by Donovan Jones.

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