By Andrea Heisinger
New York, July 31 - General Mills, Inc. priced an upsized $700 million 5.25% five-year senior notes Thursday to yield Treasuries plus 205 basis points, an informed source said.
The notes priced at the tight end of price talk, which called for a yield of 205 bps to 210 bps over Treasuries.
The size of the issue was increased from $500 million.
The notes (Baa1/BBB+/BBB+) priced at 99.784 to yield 5.299%.
There is a change-of-control put of 101%.
Bookrunners were Banc of America Securities LLC, Barclays Capital Inc. and Goldman Sachs & Co.
Proceeds will be used to repay a portion of outstanding commercial paper.
The food products company is based in Minneapolis.
| Issuer: | General Mills, Inc.
|
| Issue: | Senior notes
|
| Amount: | $700 million, increased from $500 million
|
| Maturity: | Aug. 15, 2013
|
| Bookrunners: | Banc of America Securities LLC, Barclays Capital Inc., Goldman Sachs & Co.
|
| Coupon: | 5.25%
|
| Price: | 99.784
|
| Yield: | 5.299%
|
| Spread: | Treasuries plus 205 bps
|
| Change-of-control put: | 101%
|
| Trade date: | July 31
|
| Settlement date: | Aug. 5
|
| Ratings: | Moody's: Baa1
|
| Standard & Poor's: BBB+
|
| Fitch: BBB+
|
| Price talk: | 205 bps to 210 bps
|
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