BankAmerica Corp. said it has completed a $1.1 billion one-stop shopping financing package backing AmeriServe Food Distribution's acquisition of Pepsico's PFS food service unit.
The San Francisco-based bank led $355 million in senior credit facilities and co-managed $500 million in high-yield, 10-year senior subordinated notes for Brookfield, Wis.-based AmeriServe, a subsidiary of Holberg Industries Inc.
The financing also included a $250 million-asset securitization program solely arranged by subsidiary BankAmerica Securities Inc.
The acquisition of PepsiCo's PFS food service and restaurant supply distribution unit will boost AmeriServe's annual sales to more than $5.4 billion and make it the nation's largest food systems distributor to chain restaurants, AmeriServe said in a statement.