date:May 14, 2014
Hillshire Brands bonds held steady on Tuesday even though the company was hit with a three-notch downgrade to junk credit status over its US$6.6bn acquisition of Pinnacle Foods.
Even as analysts decried the move to buy Pinnacle from private equity giant Blackstone, Hillshire's outstandings were on mostly even keel in the secondary market.
Its 2.75% US$400m unsecured bonds held up at a high cash price of 102.5, while the 4.1% September 2020s dropped about 3.5 points but were still trading aroun