By Andrea Heisinger
New York, Nov. 17 - General Mills, Inc. priced $1 billion of 3.15% 10-year senior notes on Thursday at a spread of Treasuries plus 125 basis points, a market source said.
The notes (Baa1/BBB+/BBB+) were sold at 99.589 to yield 3.198%.
The securities have a make-whole call at Treasuries plus 20 bps until Sept. 15, 2021 and can be redeemed after that date at par. The notes feature a change-of-control put at 101%.
Bank of America Merrill Lynch, Goldman Sachs & Co. and Morgan Stanley & Co., LLC were the bookrunners.
Proceeds will be used to repay a portion of outstanding commercial paper and a portion of 6% notes due Feb. 15, 2012, or for general corporate purposes if there is any remaining.
The consumer food company is based in Minneapolis.
| Issuer: | General Mills, Inc.
|
| Issue: | Senior notes
|
| Amount: | $1 billion
|
| Maturity: | Dec. 15, 2021
|
| Bookrunners: | Bank of America Merrill Lynch, Goldman Sachs & Co., Morgan Stanley & Co. LLC
|
| Coupon: | 3.15%
|
| Price: | 99.589
|
| Yield: | 3.198%
|
| Spread: | Treasuries plus 125 bps
|
| Call: | Make-whole at Treasuries plus 20 bps until Sept. 15, 2021, after at par
|
| Change-of-control put: | 101%
|
| Trade date: | Nov. 17
|
| Settlement date: | Nov. 20
|
| Ratings: | Moody's: Baa1
|
| Standard & Poor's: BBB+
|
| Fitch: BBB+
|
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