By Paul A. Harris
Portland, Ore., Jan. 11 – Chobani, LLC and Chobani Finance Corp., Inc. priced a $500 million issue of senior notes due July 1, 2029 (Caa1/CCC+) at par to yield 7 5/8% in a Thursday drive-by, according to market sources.
The yield printed at the tight end of yield talk in the 7¾% area.
Active bookrunners were BofA Securities Inc. (bill and deliver) and TD Securities (USA) LLC, and joint bookrunners were Goldman Sachs & Co. LLC and J.P. Morgan Securities LLC.
The notes are guaranteed by Chobani Global Holdings, LLC.
The New Berlin, N.Y.-based food maker plans to use the proceeds to redeem all of its 7½% senior notes due 2025 and for general corporate purposes.
| Issuers: | Chobani, LLC and Chobani Finance Corp., Inc.
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| Guarantor: | Chobani Global Holdings, LLC
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| Amount: | $500 million
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| Issue: | Senior notes
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| Maturity: | July 1, 2029
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| Active bookrunners: | BofA Securities Inc. (bill and deliver) and TD Securities (USA) LLC
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| Joint bookrunners: | Goldman Sachs & Co. LLC and J.P. Morgan Securities LLC
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| Coupon: | 7 5/8%
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| Price: | Par
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| Yield: | 7 5/8%
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| Spread: | 364 bps
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| First call: | Jan. 1, 2026 at 103.813
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| Trade date: | Jan. 11
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| Settlement date: | Jan. 24
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| Ratings: | Moody’s: Caa1
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| S&P: CCC+
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| Distribution: | Rule 144A and Regulation S for life
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| Price talk: | 7¾% area
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| Marketing: | Drive-by
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