By William Gullotti
Buffalo, N.Y., Nov. 16 – General Mills, Inc. priced $500 million of 5.241% three-year notes (Baa2/BBB) at par on Wednesday, or a spread of 110 basis points over Treasuries, according to an FWP filing and a 424B5 filing with the Securities and Exchange Commission.
The notes have a make-whole call until Nov. 18, 2023, 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.
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.
| Issuer: | General Mills, Inc.
|
| Amount: | $500 million
|
| Issue: | Notes
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| Maturity: | Nov. 18, 2025
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| Bookrunners: | BNP Paribas Securities Corp. and Deutsche Bank Securities Inc.
|
| Senior co-managers: | Credit Suisse Securities (USA) LLC and PNC Capital Markets LLC
|
| Co-managers: | Academy Securities, Inc. and Independence Point Securities LLC
|
| Trustee: | U.S. Bank Trust Co., NA
|
| Counsel to issuer: | Dorsey & Whitney LLP
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| Counsel to underwriters: | Davis Polk & Wardwell LLP
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| Coupon: | 5.241%
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| Price: | Par
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| Yield: | 5.241%
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| Spread: | Treasuries plus 110 bps
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| Call features: | Make-whole call until Nov. 18, 2023, thereafter at par
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| Change-of-control put: | 101
|
| Trade date: | Nov. 16
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| Settlement date: | Nov. 18
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| Ratings: | Moody’s: Baa2
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| S&P: BBB
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| Distribution: | SEC registered
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| Cusip: | 370334CS1
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