Flowers Foods offers 10-year senior notes; initial talk Treasuries plus 140 bps area

By Cristal Cody

Chicago, March 2 – Flowers Foods, Inc. is preparing to sell fixed-rate senior notes due March 15, 2031, according to a 424B5 filing with the Securities and Exchange Commission.

A market source had price talk was in the 140 basis points area over Treasuries.

The notes come with a make-whole call and then a par call some months before the maturity date.

Should Flowers Foods have a change-of-control triggering event, the notes could be repurchased at 101.

Deutsche Bank Securities Inc. and BofA Securities, Inc. are joint bookrunners for the notes.

Proceeds will be used to redeem the $400 million of 4.375% senior notes due 2022 with the balance of proceeds to be used for general corporate purposes.

Flowers Foods is a Thomasville, Ga.-based packaged bakery foods company.

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