Pinnacle Foods (NYSE:PF) has had a successful first day of trading on the stock exchange. The company's shares were up by 11% over their issue price in after-hours trading, changing hands for $22.20 after hitting the market at $20.
Pinnacle, which produces, markets, and distributes a line of frozen food offerings, said it will net roughly $545.2 million from its listing. With those funds, it will retire chunks of its debt.
Barclays, Bank of America subsidiary Merrill Lynch, Credit Suisse, Morgan Stanley, and UBS' investment bank unit were the joint book-running managers for the issue.
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