By Andrea Heisinger
New York, Jan. 29 - General Mills, Inc. priced $1.15 billion of 5.65% 10-year notes Thursday to yield Treasuries plus 287.5 basis points, according to market sources and an FWP filing with the Securities and Exchange Commission.
The spread came at the tight end of price talk of 287.5 bps to 300 bps, a source said, and equated to about a 10 bps to 20 bps new issue concession.
The notes (Baa1/BBB+/BBB+) priced at 99.914 to yield 5.661%. They have a make-whole call of Treasuries plus 40 bps.
There is a change-of-control put of 101%.
Bookrunners were Deutsche Bank Securities Inc., J.P. Morgan Securities Inc. and Morgan Stanley & Co. Inc.
Proceeds will be used to repay a portion of outstanding commercial paper.
The consumer food company is based in Golden Valley, Minn.
| Issuer: | General Mills, Inc.
|
| Issue: | Notes
|
| Amount: | $1.15 billion
|
| Maturity: | Feb. 15, 2019
|
| Bookrunners: | Deutsche Bank Securities Inc., J.P. Morgan Securities Inc., Morgan Stanley & Co. Inc.
|
| Coupon: | 5.65%
|
| Price: | 99.914
|
| Yield: | 5.661%
|
| Spread: | Treasuries plus 287.5 bps
|
| Call: | Make-whole at Treasuries plus 40 bps
|
| Change-of-control put: | 101%
|
| Trade date: | Jan. 29
|
| Settlement date: | Feb. 3
|
| Ratings: | Moody's: Baa1
|
| Standard & Poor's: BBB+
|
| Fitch: BBB+
|
| Price talk: | 287.5 bps to 300 bps
|
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