Foodservice company US Foods Holding Corp.’s stock USFD fell 3.4% in premarket trade Tuesday, after the company said shareholder KKR Fresh Holdings LP is offering 17.4 million of its shares. Most of those will consist of common stock issuable upon the conversion of 371,044 shares of its Series A convertible preferred stock held by the shareholder. US Foods will not receive any of the proceeds. Morgan Stanley is sole underwriter on the deal. The company said it plans to repurchase about $150 million of the shares being offered at the same price to be paid by the underwriter to the selling shareholder. The stock has gained 22% in the year to date, while the S&P 500 SPX has gained 9%.
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