New Issue: General Mills sells $500 million 4.7% notes due 2027 at 70 bps spread

By Wendy Van Sickle

Columbus, Ohio, Jan. 16 – General Mills Inc. priced $500 million of 4.7% three-year notes (Baa2/BBB) on Tuesday, according to an FWP filing and a 424B5 filing with the Securities and Exchange Commission.

The notes priced at 99.9 to yield 4.736%, or with a spread of 70 basis points over Treasuries.

BofA Securities, Inc., Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC and Morgan Stanley & Co. LLC are the joint bookrunning managers.

Proceeds will be used to repay a portion of the issuer’s $500 million outstanding 3.65% notes due Feb. 15.

The maker of consumer food products is based in Minneapolis.

Issuer:	General Mills, Inc.
Amount:	$500 million
Issue:	Notes
Maturity:	Jan. 30, 2027
Bookrunners:	BofA Securities, Inc., Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC and Morgan Stanley & Co. LLC
Co-managers:	SMBC Nikko Securities America, Inc., TD Securities (USA) LLC and Wells Fargo Securities, LLC
Trustee:	U.S. Bank Trust Co., NA
Counsel to issuer:	Faegre Drinker Biddle & Reath LLP
Counsel to underwriters:	Davis Polk & Wardwell LLP
Coupon:	4.7%
Price:	99.9
Yield:	4.736%
Spread:	Treasuries plus 70 bps
Call option:	Make-whole call at Treasuries plus 15 bps prior to Dec. 30, 2026; par call after that
Put option:	At 101 upon change of control
Trade date:	Jan. 16
Settlement date:	Jan. 30
Ratings:	Moody’s: Baa2
	S&P: BBB
Distribution:	SEC registered
Cusip:	370334CX0

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.