Fitch rates General Mills notes BBB+

Fitch Ratings said it assigned a BBB+ rating to General Mills, Inc.'s proposed $750 million senior unsecured notes.

The notes are expected to be issued in two tranches - floating-rate notes due in 2016 and fixed-rate notes due in 2024.

General Mills plans to use the net proceeds for general corporate purposes, including repaying a portion of its outstanding commercial paper. The company's outstanding commercial paper was $952.5 million as of Nov. 24.

The new notes contain a Change of Control Triggering Event. Upon the occurrence of both a Change of Control and rating downgrades to below investment grade, unless the company has exercised its right to redeem the notes, General Mills will be required to make an offer to purchase the notes at a price equal to 101% of the aggregate principal amount plus accrued and unpaid interest to the date of repurchase. The notes will be issued under the company's indenture dated Feb. 1, 1996, as amended.

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