General Mills to offer fixed-rate notes due 2025 via two bookrunners

By William Gullotti

Buffalo, N.Y., Nov. 16 – General Mills Inc. intends to price an offering of fixed-rate senior notes due 2025, according to a 424B5 filing with the Securities and Exchange Commission.

The notes will have a make-whole call, followed by a par call, and include a change-of-control put at 101.

BNP Paribas Securities Corp. and Deutsche Bank Securities Inc. are the joint bookrunning managers.

U.S. Bank Trust Co., NA is the trustee.

Dorsey & Whitney LLP is counsel to the issuer. Davis Polk & Wardwell LLP is counsel to the underwriters.

Proceeds will be used to repay the company’s outstanding commercial paper program and for general corporate purposes. As of Aug. 28, the commercial paper had a weighted average annual interest rate of approximately 2.6% and a weighted average remaining maturity of approximately 10 days.

The maker of consumer food products is based in Minneapolis.

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