By Andrea Heisinger
Omaha, March 12 - General Mills, Inc. priced an upsized $750 million 5.2% seven-year notes Wednesday to yield Treasuries plus 240 basis points, market sources said.
The issue was increased from $500 million.
The notes (Baa1/BBB+/BBB+) priced at 99.774 to yield 5.239%. They have a make-whole redemption option of Treasuries plus 40 bps.
The notes feature a change-of-control put of 101%.
Bookrunners were Credit Suisse Securities LLC, J.P. Morgan Securities Inc. and Morgan Stanley & Co. Inc.
Proceeds will be used to repay a portion of outstanding commercial paper.
The cereal and convenience food manufacturer is based in Minneapolis.
| Issuer: | General Mills, Inc.
|
| Issue: | Notes
|
| Amount: | $750 million, increased from $500 million
|
| Maturity: | March 17, 2015
|
| Bookrunners: | Credit Suisse Securities LLC, J.P. Morgan Securities Inc., Morgan Stanley & Co. Inc.
|
| Coupon: | 5.2%
|
| Price: | 99.774
|
| Yield: | 5.239%
|
| Spread: | Treasuries plus 240 bps
|
| Call: | Make-whole at Treasuries plus 40 bps
|
| Change-of-control put: | 101%
|
| Trade date: | March 12
|
| Settlement date: | March 17
|
| Ratings: | Moody's: Baa1
|
| Standard & Poor's: BBB+
|
| Fitch: BBB+
|
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