This report does not constitute a rating action. CHICAGO (S&P Global Ratings) May 1, 2025--S&P Global Ratings today said Conagra Brands Inc. ?s (BBB-/Stable/A-3) agreement to sell its portfolio of Chef Boyardee products to Hometown Food Co. is consistent with its portfolio reshaping strategy and does not affect our ratings. Conagra indicated that the agreed upon purchase price is $600 million cash, and that it intends to use the net sale proceeds to repay debt. Chef Boyardee generated about $450 million in revenue in fiscal 2024 (ended May 26). The transaction will be very modestly deleveraging. We estimate trailing 12-month S&P Global Ratings-adjusted leverage as of Feb. 23, 2025, would improve by roughly 0.1x to about 3.7x, pro forma for
